Solar weather could drive huge losses, with magnetic storms frying countless microchips and disrupting or shutting down power and communication lines. The magnitude of the potential impact grows daily, especially with more stuff becoming dependent on sensors / actuators that have little or no electromagnetic shielding.
The only silver ray is that we could use the absence of data from sensors, tied to knowledge of their last location to get a geo-driven view of the areas affected.
This lets us respond as a market efficiently and faster to such events, and help business interruption contagion spreading.
It won't be trivial to build or adopt this capability - we will have to seek out, sponsor and support initiatives that open up and verify IOT data, perhaps via blockchains.
Geomagnetic storms could expose insurers to many billions of dollars of business interruption claims, with the northeast US most at risk, XL Catlin’s chief science officer has warned. Addressing an Insurance Institute of London lecture at Lloyd’s Old Library, Michael Maran said geomagnetic storms had the potential to cause substantial insured losses, primarily through business interruption and contingent business interruption.