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Acknowledging the changing nature of the space ecosystem, the European Commission tabled a proposal for a Regulation of the European Parliament and the Council establishing the Union Secure Connectivity Programme for the period 2023-2027. On Thursday the 17th after nine months of negotiations–a record time in EU policy-making history–the co-legislators reached an agreement on this new critical infrastructure for the EU.

This multi-orbital constellation will combine the benefits offered by Low Earth (LEO), Geostationary (GEO), and Medium Earth Orbit (MEO) satellites. It is set to provide secure communication services to the EU and its Member States as well as broadband connectivity for European citizens, private companies and governmental authorities. This new component of the EU Space Programme will put an end to dead zones in Europe as well as the whole of Africa using the constellation's North-South orbits through a resilient and ultra-secure space and ground-based system. It may include the development and launch of up to 170 LEO satellites between 2025 and 2027.

Here's what we can expect from this new flagship programme:

1. Cutting-edge EU communications services: By developing and operating a multi-orbital connectivity infrastructure the Union will be able to continuously adapt to the evolving user needs and develop new tailor-made applications and services. Fusing MEO and LEO satellite capabilities allows for solutions that vary in coverage, throughput and latency. 

2. Resilience against cyberthreats: IRIS² will integrate the space and related ground segment of the European Quantum Communication Infrastructure to enable secure transmission of cryptographic keys.

3. Synergies with other EU Space Programme components: Complementing Copernicus, Galileo and EGNOS the system will also open more opportunities for synergies between already existing components of the EU Space Programme. For instance, the synergies between Earth Observation, SatNav and SatCom can be useful among others for addressing maritime emergencies and supporting natural disasters management.

4. New disruptive technologies: Our continent is gifted with a satellite communications industry that has the capacity to make the necessary technological leap and bring Europe to the forefront. New Space actors are able to think outside the box and create new services that can benefit users. 

5. High-speed broadband everywhere: With the addition of the Secure Connectivity Programme, the European Union is ramping up digitisation of European society and its economy while looking to make space data more accessible and scalable to all interested entities. The combination of MEO and LEO capabilities will enable the provision seamless internet connectivity throughout the Union, removing communication dead zones and increasing cohesion across Member State territories. 

The EU Agency for the Space Programme is already actively involved in building secure satellite communication infrastructure for Europe through the coordination of the first phase of GOVSATCOM on which IRIS² will be based.

And EUSPA will continue to contribute to the Programme. Certain tasks linked to the operational management of the governmental infrastructure of the Programme, provision of governmental services, through the GOVSATCOM hub and the coordination of user-related aspects of these services will therefore be entrusted to the Agency. The Security Accreditation Board established within the Agency, where Members States take accreditation decisions, shall become the IRIS² security accreditation authority. It will enlarge SAB areas of responsibilities currently covering today all components of the EU space programme, providing security assurance to the users with regards to IRIS² service and infrastructure.

Media note: This feature can be republished without charge provided the European Union Agency for the Space Programme (EUSPA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the EUSPA website (http://www.euspa.europa.eu).

Whether it be paying the bills, making investments or insuring our cars and homes, the vast majority of our financial transactions are now carried out digitally.  But what does this have to do with space?

Don’t worry, making a deposit or filing an insurance claim won’t require any rocket ships or intergalactic travel (at least any time soon). But they do require satellites – including those of the EU Space Programme.

In fact, GNSS and Earth Observation already play a critical role in the financial and insurance sectors. For example, the timing and positioning information provided by Galileo is used in banking to time-stamp financial transactions, while Copernicus data is used for everything from conducting risk assessments to computing indices, assessing damage and managing claims.

And that’s just the tip of the iceberg! From helping financial institutions make more sustainable investment decisions to evaluating insurance claims, EU Space is set to have a big impact on the Insurance and Finance market segment. 

Here are six ways that this is already happening:

1. Claims Assessment

When an insurance company receives a claim, it must compare the loss listed in the claim with the actual damages that occurred. Based on this information, called the event footprint, they can determine the amount of compensation that should be paid out.  

Claims examiners can use Earth Observation (EO) data to evaluate damage remotely, especially when the damage is caused by a natural disaster like floods or fires. Examiners can also use EO data to better plan for in-field assessments and manage resources, making the process both more efficient and safer. Some are even using GNSS-enabled drones for pre and post-event analysis and data gathering.  

2. Index-based Insurance

This is an innovative and quite new way of delivering insurance – mainly for the agriculture sector - which links claims to “indices” representing observable and quantifiable phenomena. Insurance companies utilise Earth Observation images to measure such parameters, such as soil moisture and vegetation growth and compute relevant indices. When a natural disaster causes damage, they use these indexes to make a pre-specified pay-out.  

3. Risk Modelling

Insurance companies have historically relied on risk modelling for everything from developing products to determining premiums. But this practice is becoming increasingly difficult due to the unpredictability brought about by climate change. To help, some companies are turning to Earth Observation.

EO can contribute to many aspects of risk modelling by including historical data providing imagery of natural events and damages hitting certain geographical areas in the past and supporting the creation of risk maps. These time series of imagery and data on parameters influencing future risks provide insurers with foresight on the future trends – and risks – created by climate change.  

4. Commodities Trading

To make better and quicker decisions and to have an advantage over their competition, commodity traders must have transparency and knowledge about current and future availability versus current and future demand. With EO, commodity traders can observe the filling status of storage tanks, check the level of oil extraction activity happening at a production site, monitor the loading and transport of goods, predict crop yields and even measure pollution and other factors that could impact a particular commodity.  

5. Financial Risk Assessment

In finance, risk assessment is the process of analysing potential events that may result in the loss of value of an asset, loan or investment. For instance, before the start of a new infrastructure project, such as building a wind farm or bridge, investors will assess risks like location, environmental threats and regulatory issues.  

While investors have long used Earth Observation data to assess immediate physical risks to a financial asset, they are now using this data to also better understand future risks related to climate change and sustainability-related issues. 

6. Timing and Synchronisation 

Financial services like banks and stock exchanges rely on powerful IT systems and networks that require a high level of availability, security and reliability. As such, the availability of accurate and secure timing information is very important – which is where GNSS comes in. 

Today, banks use GNSS equipment for time stamping functions and to log events in a chronological manner, and individual stock exchange servers apply time stamps to the trades they execute and to the quotes they establish.

Want to discover more ways the EU Space Programme supports the insurance and finance sectors? Be sure to check out the dedicated chapter in the latest edition of our EO and GNSS Market Report and get in touch with EUSPA at market@euspa.europa.eu.  

Media note: This feature can be republished without charge provided the European Union Agency for the Space Programme (EUSPA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the EUSPA website (http://www.euspa.europa.eu).

Whether it be paying the bills, making investments or insuring our cars and homes, the vast majority of our financial transactions are now carried out digitally.  But what does this have to do with space?

Don’t worry, making a deposit or filing an insurance claim won’t require any rocket ships or intergalactic travel (at least any time soon). But they do require satellites – including those of the EU Space Programme.

In fact, GNSS and Earth Observation already play a critical role in the financial and insurance sectors. For example, the timing and positioning information provided by Galileo is used in banking to time-stamp financial transactions, while Copernicus data is used for everything from conducting risk assessments to computing indices, assessing damage and managing claims.

And that’s just the tip of the iceberg! From helping financial institutions make more sustainable investment decisions to evaluating insurance claims, EU Space is set to have a big impact on the Insurance and Finance market segment. 

Here are six ways that this is already happening:

1. Claims Assessment

When an insurance company receives a claim, it must compare the loss listed in the claim with the actual damages that occurred. Based on this information, called the event footprint, they can determine the amount of compensation that should be paid out.  

Claims examiners can use Earth Observation (EO) data to evaluate damage remotely, especially when the damage is caused by a natural disaster like floods or fires. Examiners can also use EO data to better plan for in-field assessments and manage resources, making the process both more efficient and safer. Some are even using GNSS-enabled drones for pre and post-event analysis and data gathering.  

2. Index-based Insurance

This is an innovative and quite new way of delivering insurance – mainly for the agriculture sector - which links claims to “indices” representing observable and quantifiable phenomena. Insurance companies utilise Earth Observation images to measure such parameters, such as soil moisture and vegetation growth and compute relevant indices. When a natural disaster causes damage, they use these indexes to make a pre-specified pay-out.  

3. Risk Modelling

Insurance companies have historically relied on risk modelling for everything from developing products to determining premiums. But this practice is becoming increasingly difficult due to the unpredictability brought about by climate change. To help, some companies are turning to Earth Observation.

EO can contribute to many aspects of risk modelling by including historical data providing imagery of natural events and damages hitting certain geographical areas in the past and supporting the creation of risk maps. These time series of imagery and data on parameters influencing future risks provide insurers with foresight on the future trends – and risks – created by climate change.  

4. Commodities Trading

To make better and quicker decisions and to have an advantage over their competition, commodity traders must have transparency and knowledge about current and future availability versus current and future demand. With EO, commodity traders can observe the filling status of storage tanks, check the level of oil extraction activity happening at a production site, monitor the loading and transport of goods, predict crop yields and even measure pollution and other factors that could impact a particular commodity.  

5. Financial Risk Assessment

In finance, risk assessment is the process of analysing potential events that may result in the loss of value of an asset, loan or investment. For instance, before the start of a new infrastructure project, such as building a wind farm or bridge, investors will assess risks like location, environmental threats and regulatory issues.  

While investors have long used Earth Observation data to assess immediate physical risks to a financial asset, they are now using this data to also better understand future risks related to climate change and sustainability-related issues. 

6. Timing and Synchronisation 

Financial services like banks and stock exchanges rely on powerful IT systems and networks that require a high level of availability, security and reliability. As such, the availability of accurate and secure timing information is very important – which is where GNSS comes in. 

Today, banks use GNSS equipment for time stamping functions and to log events in a chronological manner, and individual stock exchange servers apply time stamps to the trades they execute and to the quotes they establish.

Want to discover more ways the EU Space Programme supports the insurance and finance sectors? Be sure to check out the dedicated chapter in the latest edition of our EO and GNSS Market Report and get in touch with EUSPA at market@euspa.europa.eu.  

Media note: This feature can be republished without charge provided the European Union Agency for the Space Programme (EUSPA) is acknowledged as the source at the top or the bottom of the story. You must request permission before you use any of the photographs on the site. If you republish, we would be grateful if you could link back to the EUSPA website (http://www.euspa.europa.eu).