Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, in partnership with the LMA, has today announced it will collaborate with the UK Government and leading industry experts on the development of the Earth & Space Sustainability Initiative kitemark.
Having been at the forefront of insuring space exploration since its inception – including the very first commercial satellite in 1965 – Lloyd’s is once again convening its knowledge and expertise to shape cutting-edge conversations around extra-terrestrial risk.
Space Debris
Space has become an increasingly important anchor to the global economy, providing the physical infrastructure for the global communication networks that underpin our deeply interconnected world. However, this vital system of satellites is under threat from the growing problem of space debris.
There are estimated to be more than 100million pieces of space debris large enough to cause real damage to the people and technology operating in the Earth’s orbit. As an example, a single stray bolt can travel at over 4 miles per second and would rip through a satellite with the force of a hand grenade.
Our Fragile Space
To highlight the challenge of space debris, Lloyd’s is launching ‘Our Fragile Space’, led by renowned science communicator and space photographer Max Alexander. The display will exhibit the reality and growing threat space debris poses to our environment and way of life – while showcasing the people and initiatives leading the way in combatting the issue.
“Lloyd’s has a unique ability to lead on the response to global challenges and this exhibition epitomises our purpose of sharing risk to create a braver world.John Neal – Chief Executive Officer, Lloyd’s
The Space Sustainability Kitemark is an industry first, and will provide reassurance to both businesses and the end user that they are supporting innovation that is fit for the future.
The fantastic images in the exhibition are a window into the scale of what we’re working towards with our business and government partners – and we’re delighted to kick off the exhibition’s global tour today.”
“Sustainability of the space environment is of the utmost importance to space insurers to increase reliability and reduce the potential for losses.Denis Bensoussan – chair of the LMA Satellite Risk Committee and Head of Space at Beazley syndicate
As part of Lloyd’s we will remain at the forefront of innovation for the benefit of risk reduction within the space ecosystem.”
“The Earth & Space Sustainability Initiative brings together industry, academia, government stakeholders and international bodies to ensure that space continues to support the environmental, economic and scientific interests of future generations.Joanne Wheeler MBE – Director at Alden Legal and Chair of the Satellite Finance Network
The Earth & Space Sustainability Initiative will facilitate the establishment of the industry-led Kitemark – the global transparent ESG space sustainability standard, recognised by the finance and insurance communities.”