24 Lloyd’s Lab Impact Report 25 Forty years of space innovation According to the European Space Agency, there are over 31,000 items of space debris orbiting the earth at present*. This 10,000-ton cloud of debris represents a signi昀椀cant and growing threat to other space vehicles. But its removal is very challenging. According to the European Space Agency, there are constantly watch the weather and other factors to over 31,000 items of space debris orbiting the earth at issue advance forecasts of where they expect 昀氀ooding present*. This 10,000-ton cloud of debris represents a to happen. signi昀椀cant and growing threat to other space vehicles. But its removal is very challenging. For insurance companies and government bodies, this is unlocking the possibility of observing and reacting to Privateer’s mission is to catalogue and process ongoing 昀氀oods as never before. Persistent monitoring information about debris so that satellite operators can of 昀氀oods through the use of SAR satellites contributes manoeuvre safely and e昀昀ectively. Way昀椀nder is the to faster, fact-based event response and can enable 昀椀rm’s 昀椀rst app, that allows satellite operators to inspect automated claims noti昀椀cation, support the partial the layers of constellations, orbits and countries to automation of claims handling and facilitate rapid loss better understand what’s happening around the Earth. assessment and more accurate reserving. The depth of data provided can also go further, and support For Privateer, its relationship with Lloyd’s Lab has been solutions to provide safety nets for communities at risk pivotal in its development. From Privateer’s perspective, of 昀氀ood. it was an opportunity to work with underwriters creating space insurance products and satellite Having seen the potential, Lloyd’s have now announced operators who 昀氀y in low-Earth orbit where less than a partnership with ICEYE and McKenzie Intelligence 3% of satellites are currently insured, as a step towards Services (MIS), which will allow the whole market to co-created insurance products. have access to their 昀氀ood hazard analysis. A number of Lloyd’s insurers are now using this facility to develop While the work above helps to improve the space innovative covers for vulnerable communities. environment; this has a knock-on e昀昀ect on one of the biggest challenges for humanity overall – climate In fact, there has been a long tradition of collaboration change. between Lloyd’s and space pioneers. In 1985 four US astronauts accomplished the 昀椀rst-ever space salvage There is a new generation of much smaller SAR recovery of two communication satellites in a mission (synthetic aperture radar) satellites arriving in space, funded by the Lloyd’s insurance market. Their retrieval, much more vulnerable to debris. They need a clear using ground-breaking technology and assiduous atmosphere to work safely, but what they can deliver planning, marked an in昀氀ection point in the commercial brings a step change in managing climate-related use of space. natural catastrophes. Lloyd’s was a pioneer of marine salvage for hundreds The SAR satellites operated by companies such as of years. How 昀椀tting, then, that it should usher in the ICEYE are able to provide rapid-昀椀re, fully interpreted age of space salvage and help set the course for the and frequent information about 昀氀ood, 昀椀re and decluttering of our planet’s skies, as well as helping the hurricane-hit areas. ICEYE’s meteorologists also world take steps towards a more sustainable future. * Source, European Space Agency, 2022. © Lloyd’s