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.

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.