Lloyd’s is working with the LMA and other experts from industry on the development of the Earth and Space Sustainability Initiative kitemark.

Space has become an increasingly important anchor to the global economy, providing the physical infrastructure for the global communication networks that underpin our increasingly interconnected world. This critical system of satellites is, however, under threat from the growing problem of space debris.

There are estimated to be more than 100 million 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.

John Neal, Lloyd’s CEO said: “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. 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."

Denis Bensoussan, chair of the LMA Satellite Risk Committee and head of space at Beazley syndicate added: “Sustainability of the space environment is of the utmost importance to space insurers to increase reliability and reduce the potential for losses.

“As part of Lloyd’s we will remain at the forefront of innovation for the benefit of risk reduction within the space ecosystem.”

Lloyds has been at the forefront of insuring space exploration since its inception, including the very first commercial satellite in 1965.

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