Widespread panic due to solar flares and satellite collisions is no longer the stuff of science-fiction now that these risks have the potential to create prolonged business interruption and billions in insured losses.
What goes on in the sky can affect those on the ground, says a Guy Carpenter report on the reinsurance industry's emerging exposures, and can disrupt entire communities and halt economic activity. With more satellites than ever in orbit, our reliance on them for global communications, broadcasting, air traffic control and weather forecasting makes the world a vulnerable place should anything disrupt their service.
“Space debris poses a serious risk to operational satellites,” says the report. “Indeed, debris amounts are increasing as objects continue to collide with one another, producing more fragments.”
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