Climate Change and Marine Insurance

Climate Change and Marine Insurance Harbord Insurance

Over the past few decades, climate change has been a major topic of discussion. Climate change is a significant concern for many industries, and the marine insurance industry is no different. With the climate changing, sea levels rise, along with extreme weather events becoming more and more frequent. In this blog, we will discuss how climate change affects the marine insurance industry.

More marine claims will be made with the increased risk of weather events. This can be due to multiple reasons:

  1. Rising Sea Levels: Rising sea levels are much touched upon regarding climate change. With sea levels rising, events like coastal erosion are happening faster. This can cause an increase in claims when a boat is moored. When storms do occur, a higher sea level can cause a more significant impact as the water will travel a longer distance on shore.Climate Change and Marine Insurance Harbord Insurance Extreme Weather
  2. Increase in Extreme Weather Events: The most noticeable issue in dealing with climate change is an increase in severe weather events. Extreme weather events can cause significant risk and damage to boats and watercraft. As more weather events happen, insurance companies will be forced to increase insurance premiums.
  3. Changes in Navigation: Climate change can significantly affect how a specific waterway is shaped. Extreme weather could cause debris to sink, which could cause an unknown hazard to boats. Even if you travel down a particular path regularly, rising tides can cause a shift that is not easily noticed.
  4. Environmental Damage: The most significant concern due to the effects of climate change is environmental damage. Environmental damage can be caused by many factors, such as extreme weather events leading to oil spills, increased acidification, or harmful algal blooms. Specific policies will cover environmental damage; however, it is best to check with your provider to ensure this is included in your policy.


As stated before, climate change is affecting every industry. With the increase in extreme weather events, rising tides, and the ramifications of occurrences, marine insurance will be no different, and policy prices will increase. As a boat owner, you must check with your insurance provider to see what your policy does and does not cover. As always, we are here to help you. Please feel free to contact us by email at [email protected] or by phone at 250-388-5533. We look forward to talking with you!

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