The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

The Nordic Orion plies the Northern Sea Route off the north coast of Russia.
The Nordic Orion plies the Northern Sea Route off the north coast of Russia.
()

Arctic shipping a balance of risk and reward

Insuring the giant ships that traverse the Arctic and Northern Canadian waters is a growing business, but one that involves dealing with a great deal of uncertainty.

Warmer weather has opened waterways that used to be clogged with ice, but much of Canada’s Arctic territory is uncharted and the capacity to rescue ships in trouble is limited. Governments are concerned about possible pollution from spills of fuel or cargo. And on top of that, insurers have limited claims data on which to base underwriting decisions.