| Summary: | Master's thesis in Offshore Technology The need of human to explore new areas, the climate change and the growing worldwide demand have led to an increasing popularity of the Arctic region the last years. Cruise industry is continuously evolving in this area, creating an important need for more research on the Arctic Ocean. In this thesis report, the main characteristics of the Arctic region and the cruise ship industry trends for high north voyages are presented. The International Code for Ships Operating in Polar Waters (The Polar Code) was implemented on January 2017. An overview of the relevant chapters of the existing regulatory framework, The Polar Code and SOLAS, is given. The challenges associated with the cruise ship voyages in the Arctic and the hazards surrounding and evacuation in the Arctic environment are identified through the participation in a real scale Search and Rescue Exercise (SARex 2) conducted in waters north of Svalbard. A risk analysis is prepared, where the identification and the weighting of the hazards, as well as different risk mitigation approaches are presented in order to reduce their probability of occurrence and/ or the severity of their consequences. The expected utility theory is used to stress the importance of the insurance and to define the proper level of investment between safety measures and insurance. The Arctic cruise insurance policies that, in our opinion, should be followed are mentioned and the limitations on obtaining insurance coverage on the Arctic are identified. Following, the main cost drivers of an insurance premium for the Arctic cruise ship industry are given. The hazards, the insurance policies and the gaps are discussed through the findings from the literature review, the risk analysis and the search and rescue exercise. The thesis also highlights the contribution of the author to the SARex 2 project report through a preliminary hazard analysis and actively participating in the all the stages of the exercise. Keywords: Arctic, Risk Analysis, ...
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