Odd Lots: There's an Insurance Market for Modern-Day Pirates

Why blacklisted vessels are still insured.

Johnny Depp

This fictional pirate could probably have done with some insurance.

Source: Walt Disney/Everett Collection
Odd Lots
Odd Lots
Source: Bloomberg

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Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance, and economics.

This week Odd Lots takes to the high seas to discuss how modern-day pirates in the form of illegal fishers are able to take out insurance policies on their blacklisted boats. We speak with Dana Miller, a marine scientist who published a study last month showing a significant number of illegal vessels carry insurance. Such ships include members of the notorious Bandit 6 group of six illegal fishing vessels, one of which — the Thunder — sank last year.

We discuss how one of the world’s most regulated financial industries interacts with one of the world’s most lawless and whether new processes introduced by insurers could help boost the world’s supply of fish.

SoundCloud: 39: The Insurance Market for Modern-Day Pirates by Bloomberg

 

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