New Risks Arising From Canadian Arctic Shipping

As shrinking arctic ice opens up of new shipping routes through Canada’s Arctic Archipelago, this presents challenges for risk managers and insurers, Allianz Global Corporate and Specialty suggests in a report scheduled for release Wednesday. “Arctic ice has been thinning and retreating over the past 40 years, bringing new opportunities for shipping, but also serious environmental concerns,” Munich-based AGCS stated in the report, Safety and Shipping Review. A NASA article published last month observes that Arctic sea ice has been declining both during the growing and melting seasons in recent decades.