Lloyd's joins space sustainability drive

Lloyd’s joins space sustainability drive

10 October 2022

Lloyd’s will collaborate with UK government and industry experts on the development of a kitemark for the Earth & Space Sustainability Initiative.

The initiative brings together industry, academia and government to ensure space supports the environmental and economic interests of future generations. The industry-led Kitemark will be a global standard recognised by the finance and insurance sectors.

“Sustainability of the space environment is of the utmost importance to space insurers to increase reliability and reduce the potential for losses,” LMA Satellite Risk Committee Chair and Head of Space at Beazley syndicate Denis Bensoussan said.

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

Lloyd’s also kicked off a global tour of an exhibition by photographer Max Alexander. Vital satellites are under growing threat from space debris, and the “Our Fragile Space” exhibition will highlight this challenge and showcase initiatives to combat the issue.

“The fantastic images in the exhibition are a window into the scale of what we’re working towards with our business and government partners,” Lloyd’s CEO John Neal said.

“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.”