Monday, February 18, 2013

The Russian Ural Region Meteorite Impact: Meteorite Strike Risk Insurance Raison D’être?


Is the rather harrowing Russian Ural Region meteorite impact the very raison d’être for availing oneself of a good meteorite strike risk insurance policy? 

By: Ringo Bones

According to astronomers, the Friday, February 15, 2013 meteor streaking across Russia’s Ural Region that generated a powerful shockwave that shattered windows that injured over 1,000 people and then sent meteorite fragments crashing as far afield as neighboring Kazakhstan have nothing to do with the 150-meter wide asteroid that came to Earth at only one-tenth the distance to the Moon. The asteroid known as Asteroid 2012 DA14that came within 28,000 kilometers of Earth and harmlessly grazing the orbits of geosynchronous satellites. Even though it’s a miracle that nobody died, the Kremlin is now sending a clean up crew to the region where the damage is now estimated to be around 30-million US dollars. Even though the odds of any person being hit by a former celestial body is around 1 in 150-trillion, should one avail himself or herself a reasonably good meteorite strike risk insurance policy?  

After seeing the news footage of the Russians lining up in the hospital to be treated by the injuries caused by the flying glass resulting from the strong shockwave of the meteorite strike which was estimated to be five times more powerful than the first atomic bomb dropped on Hiroshima, and the resulting damage to buildings had me wondering if an insurance policy based compensation scheme could be helpful in once-in-a-century calamities like these. The Friday meteor streak was even caught in the region’s local traffic cameras and security cameras. The last time a similar event occurred in the region was the Tunguska, Siberia event back in 1908. 

Even though meteorite strike risk insurance issued to individuals may still be as rare as hen’s teeth, the larger 150-meter wide asteroid could have damaged those multi-million dollar global positioning satellites and internet-related telecommunications satellites beyond repair. Making one wonder if the insurance coverage of those multi-million dollar satellites includes being hit by a former celestial body? 

2 comments:

Yvette said...

Even though the preliminary cost of cleaning up the February 15, 2013 Cheyabinsk meteorite impact is "only" 30-million US dollars, that alone is enough to warrant the establishment of a cost-competitive meteorite strike risk insurance policy in which everyone can afford.

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