space insurance
Study raises new concerns about lack of governing norms in space
New CSIS report looks at three key governance issues: orbital debris mitigation, rendezvous and proximity operations, and insurance requirements
Assure Space won’t cover collision risk in low Earth orbit
Since the beginning of the year, space insurance underwriter Assure Space is no longer offering policies covering collision risk for satellites operating in low Earth orbit.
Op-ed | If hackers cripple your satellite, are you covered? Don’t count on it.
While traditionally we talk about solar flares, anomalies and space debris, increasingly risks in space include cyber risks that have repercussions on the ground.
Space insurance rates increasing as insurers review their place in the market
A space insurance executive confirmed Sept. 11 that a spate of recent claims is increasing rates and leading some insurers to reconsider their place in the market.
Big claims, record-low rates: Reshaping the space insurance game
The world’s second largest reinsurance company throwing in the towel has spooked an underwriting community already bracing to lose money on space policies for the second year in a row.
Space insurer Swiss Re leaves market
Jan Schmidt, the head of Swiss Re’s space underwriting division, said in an email obtained by SpaceNews that the decision to “cease Space underwriting with immediate effect” was driven by “bad results of recent years and unsustainable premium rates.”
Op-ed | Time to give H.R. 4945 another look?
As space commerce evolves to include new types of assets and activities, insurance continues to be an essential part of the financing for any commercial space venture and acts as the due diligence agent of technology.
Do smallsats even need insurance?
Insurers who specialize in the space industry, seeing no quick turnaround, are starting to look beyond its traditional customers to new markets.
Insurance firm paid Astro Digital’s claim for lost cubesats, sources said
An insurance company paid Astro Digital’s claim for the loss of two cubesats sent into orbit on a Russian Soyuz rocket after the Earth imaging and analysis company proved the failure stemmed from a launch problem, according to two space industry executives.
SpaceX required to carry more insurance for launches from Kennedy Space Center
The company's insurance went from $13 million to $63 million in liability coverage.
Report finds commercial spaceports confused about insurance requirements
A new report recommends that the FAA do more to assist commercial spaceports in determining their insurance requirements, but stops short of calling for regulatory changes regarding coverage for non-federal facilities.
Space insurers warn that current low rates are not sustainable
Satellite insurers on Oct. 5 said the Sept. 1 failure of a SpaceX Falcon 9 rocket while preparing a static-fire test, which destroyed a $200 million satellite, wiped out 20 years of insurance premiums for prelaunch coverage and will almost surely result in a sharp rate increase.
