Analysis from Bloomberg Intelligence suggests participants in the insurance and reinsurance industry should be seriously considering how they protect themselves against the risks of losses from major solar storms, with the peril having the potential to be as costly as major hurricanes.
“A major space storm could cost insurers even more than a hurricane like Katrina ($55 billion in 2005, or $90 billion today) given the capacity to interfere with radio communications, power grids, spacecraft and satellite navigation,” Bloomberg Intelligence states.
Warning that the recent space storm from May 10th to 12th “may just be a taste of what’s to come, with the current solar cycle forecast to peak in 2025.”
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