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Maritime News

Marine Insurance And Arctic Risk

The retreat of Arctic ice has opened new possibilities for tourism, resource exploration, development and marine transport. For example, over the past decade alone, cruise ship activity in Svalbard, an archipelago between mainland Norway and the North Pole, has doubled. At the same time, oil shipments from the Russian Arctic jumped from insignificance to ten million tonnes per year. “Wherever there is industrial activity, there is risk, and nowhere more so than in the Arctic,” reminds Steven Sawhill, Discipline Leader, Cold Climate Advisory Services at DNV GL – Maritime. “Imagine if an accident – be it a cruise ship or an oil tanker – occurred in polar waters,” he says.

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