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How better data could dramatically improve Arctic shipping insurance

Designating an Arctic-wide lead agency to centralize data and coordinate standards could revolutionize shippers’ ability to operate in the region.

By Erin St. Peter March 12, 2019
3303

Having functioning Arctic shipping insurance is a fundamental step toward safety and development in the Arctic. However, substantial uncertainty around polar maritime risk and a lack of international coordination are keeping insurance markets from working properly — leading to high prices and reduced ability for would-be Arctic shippers to utilize insurance to mitigate risk.

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