Sea Ice
- About
- Imprint
- Scenarios
- Arctic Marine Transportation by 2030
- Introduction
- Aim of this Study
- Key Factor Classification
- Deļ¬nitions of Key Factors and Future Projections
- 1. Climate
- 2. Legal framework
- 3. Global Trade Dynamics – Global economic growth
- 4. Safety of other Routes
- 5. Socio-economic impact of global climate change
- 6. Oil Price
- 7. Major Arctic Shipping Disasters
- 8. Windows of Operation
- 9. Maritime Insurance Industry
- 10. Collaboration in resource extraction by China, Japan and Russia
- 11. Transit fees
- 12. Conflict between indigenous and commercial use
- 13. Arctic Enforcers
- 14. Energy sources for propulsion
- 15. New resource discovery
- 16. World Trade Patterns
- 17. Regulation in the Arctic
- Consistency matrix
- Scenarios
- Suggest Wild Cards
- Suggest Key Factors
- References
- Glossary
- Yakutat Community Energy Scenarios
- Introduction to Scenario-Management
- The Consistency and Robustness Analysis
- 1. Key Factors and their Future Projections
- 2. Assigning plausibility values to future projections
- 3. Projection Bundles
- 4. Assigning consistency values
- 5. Obtaining overall consistency values for the projection bundles
- 6. The combinatorial problem of the consistency analysis
- 7. The Robustness of a projection bundle
- Disruptive event analysis – Wild Cards
- ScenLab v1.7 Client download
- Arctic Marine Transportation by 2030
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.