Arctic Marine Insurance: Towards a New Risk Coverage Regime

摘要

The rapid thawing of Arctic ice resulting from climate change has opened up immense and unprecedented opportunities for commercial Arctic shipping. Until the advent of the Northeast Passage, otherwise known by its Russian name, the Northern Sea Route, the Northwest Passage and the Transpolar Passage, Arctic sea routes were largely inaccessible due to the presence of thick ice. As ice in the high North continues to melt, navigation in the Arctic is increasingly becoming the norm rather than the exception because of its advantages of shorter sea routes and dramatic decreases in shipping costs.