Insurance is an important component of shipping costs, albeit minor when compared to capital, crew or fuel. The marine insurance industry relies on incident statistics when setting premiums. Hull and machinery (H&M) insurance has a leading role in estimating the risk of operation in the Arctic, with the Protection and Indemnity (P&I) insurance relying on their risk assessment when setting premiums. Outside of its traditional insurance role the marine insurance industry is increasingly getting involved in the shipping industry decarbonization process. All of the above is considered part of the insurance business process.