The shipping industry is increasingly looking at the possibility of using the Arctic shipping routes, leading insurers to consider the situation.
Marsh L.L.C. said marine insurers are now considering the pros and cons of insuring vessels on the Arctic route, Platts reported. Marcus Baker, chairman of Marsh's Global Marine Practice, said the marine insurance market is soft and so "underwriters are happy to entertain new product development." However, Mr. Baker said, the insurers are also "extremely wary about incurring large, high-profile losses while the market is still in its infancy."