What happens when the lights go out? (should we be concerned with failure of power BI exposure due to geomagnetic storms?)
In this IIL property lecture attendees will gain awareness of a relatively new and poorly understood emerging risk and its impact on society and the insurance industry with particular focus on property business.
Geomagnetic storms are a poorly understood phenomenon, extremely difficult to predict and impossible to control. The hazard has only been a threat since the industrial age with the risk escalating as our dependence on power and technology grows at an ever increasing rate. However, the extent of the potential damage to modern infrastructure and society has only been recognized relatively recently, and whilst the impact on the insurance industry has not been fully explored, potentially enormous exposures clearly exist. In this lecture, Dr Maran explores some of these issues.
By the end of this lecture members would have gained an insight into:
- The science behind geomagnetic storms and how they affect the Earth
- How industry, infrastructure and society would be affected by such an occurrence
- How the insurance market will be impacted
Mike Maran became Chief Science Officer at XL Catlin in 2012, previously holding the position of Satellite Underwriter since 2002. He gained his Astrophysics PhD from Queen Mary, London and is a Chartered Insurer with 30+ years London Market experience.
Andy Brooks FCII.
Registration & Security
IIL lectures are open to Lloyd's pass holders and CII and PFS/SMP members.
All attendees must register online by 10.30am on the day of the lecture.
All attendees must produce photo ID - either a Lloyd's pass, driving licence with photo or valid passport.
- Email confirmations and photo ID must be produced to security staff at the lecture venue
- Attendance confirmations are non-transferable to any other person or lecture
- All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission
Please let us know what we can do to make our events fully accessible to you.
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
3/4 hours' CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.