Expert: Potential cost of solar storms is uncertain

04/1/2013 | ClaimsJournal.com

The increased likelihood of geomagnetic-storm activity this year could affect communications, emergency services, utilities and other areas dependent upon technology, says Rade Musulin of Aon Benfield Analytics Asia Pacific. Recovery from a geomagnetic storm such as 1859's Carrington event could cost the U.S. more than $2 trillion, Musulin said, citing the U.S. National Academy of Sciences. The insurance industry, however, has undertaken few efforts to measure the cost of such storms. "The economic consequences of a large geomagnetic event would to some degree be cushioned by various insurance coverages," he says.

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