Lloyd’s Report Highlights Solar Storm Threat as Emerging Risk

May 23, 2013

  • May 23, 2013 at 2:19 pm
    Ohio Phil says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    And this from the Insurance Journal?
    Of course your raise the alarm!
    Stop with all the fear mongering!

    • May 24, 2013 at 9:18 am
      Brokie says:
      Like or Dislike:
      Thumb up 0
      Thumb down 0

      Hey Phil – stop it with your denial of science. Knowledge is power (no pun). Let me guess – you don’t believe in climate change, either – am I right? Did you read the credentials – globally – of the groups that are reporting the threat – doesn’t sound like a bunch of kooks to me. If this was predicted in the bible, you’d be looking at the sky all the time, wouldn’t you? Aging satellites, power grids that aren’t ready – this is reality. We have the scientists and the engineers to start working on this NOW. Perhaps this is your ‘end-days’ scenario that the right is so fond of…..

  • August 10, 2013 at 12:49 pm
    Kim Goldberg says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Yet another reason to avoid the wireless smart meter electrical grid and to maintain (or revert to) good old-fashioned, hard-wired, mechanical analog electrical meters, which are far more robust and impervious to electromagnetic surges. Wireless digital smart meters will likely be disabled/destroyed across the board in periods of extreme solar activity. Are insurers prepared to make good on all claims resulting from the inherent weaknesses of wireless smart meters – claims that would not have occurred if the analog meters had been left in place? If not, are home owners and business owners aware that their policies are voided in the event of collapse of the smart grid system, or in the event of fire or other malfunction of their own wireless smart meter?

    • November 24, 2013 at 5:04 pm
      Cedric PULCIAN says:
      Like or Dislike:
      Thumb up 0
      Thumb down 0

      Sorry for the late reply, but better late than never.
      Here is the answer Neil SMITH from Lloyds sent me to a similar question back in August this year.

      You make what you want from it but they believe it is more likely to happen than not.


      Dear Sir,

      Many thanks for your email. Liability in the event of a major geomagnetic storm will likely depend on the terms and conditions of the individual insurance policies that are in place for a particular energy provider or grid operator so I’m afraid it is hard to answer your question directly. However, the very purpose of us publishing this report was to raise awareness of such issues and to encourage other insurance companies, energy companies and government to work together to start to address this problem. The latter is something we at Lloyd’s are actively doing as we recognise that due to the potential scale of this problem it is not something insurance can address on its own.

      Best regards

      Neil Smith
      Manager, Emerging Risks & Research
      Exposure Management, Performance Management

Add a Comment

Your email address will not be published. Required fields are marked *