Sunday, October 17, 2021

Space Travel Insurance. Are we ready for it?

Billionaires Richard Branson of Virgin Groups, and Jeff Bezos of Amazon, race to space to develop an emerging space tourism industry, launching a new galactic era. Elon Musk of SpaceX is said to fly next.

With their success paving the way to making commercial space travel mainstream, what’s in it for the insurance industry?

Insurance can support space tourism by addressing the risk issues in launching, landing, and recovery. Ambitious but possible.

For brave insurers, space insurance could be exceptionally rewarding. With space commercialization getting a lot of attention, global insurance premiums might eventually rise.

In fact, French insurance company, AXA, is looking forward to launching a new line of coverage for commercial space travellers, on top of AXA XL being one of the insurers in the space insurance industry for many years.

Many factors are to be taken into consideration if space tourism makes it mainstream.

• Space Insurance Market
• Market Capacity
• Working Capacity
• Insurable Risks
• Terms of Products and Services
• Pricing Models

It is everyone’s life-long dream to have a view of outer space. But the dangers of the ascent, re-entry and the hostility of the space environment are high, even for seasoned astronauts. This is where we come in.

The commercial space tourism industry is still developing and it poses astronomical challenges the insurance industry is willing to take.

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