9. Maritime Insurance Industry

AMSA Evaluation: Importance: 4, Uncertainty: 8, Sum: 12
Classification: Economics
The Maritime Insurance Industry plays a central role for shipping companies
in reducing the risk of shipping through the Arctic Ocean. The costs for disasters
like the Exxon Valdez accident are usually covered by insurances. If insurers refuse
to cover traffic through the Arctic shipping companies face incalculable risks for
shipping through the Arctic. Further, if the rates for such insurances are very high
it might not be economically viable to ship through the Arctic.

9.1 Refuse to cover risks

Plausibility: 0.3

9.2 Partial insurance

Plausibility: 0.4
Marine insurers accept to cover damages to equipment, cargo and crew. However,
environmental damages due to accidents are not covered.

9.3 Full coverage

Plausibility: 0.3
Marine insurers cover all damages. In their own interest the insurers are a driving
force in improving the safety of the Arctic shipping routes, giving discounts to
safer vehicles.

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