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This chapter aims to broaden existing understandings of risk and safety in guided Arctic adventure activities, by exploring the stories of tourists who have participated in guided adventure activities, and their feelings of risk. In particular, it examines how their interactions with guides and environments influence their risk perceptions. The chapter has a customer focus and applies the concept of value co-creation to address this issue. To gain more knowledge about the interplay between risk and safety in the adventure experiences of tourists, this chapter creates a typology of tourists to illustrate how different tourists can experience risk and safety, and how guides influence this interplay.