Space is the final frontier for hundreds of high net worth individuals seeking the ultimate tourist thrill. However, as industry delegates to a symposium held at Lloyd’s heard, some risk issues remain unresolved.
Suborbital flight – flying higher than 100km above sea level – will soon be a reality for anyone willing and able to pay thousands of pounds for a ticket. There are plenty of people already queuing for the privilege of being among the first 1,000 humans to experience space travel.
WASHINGTON, Sept. 6, 2012 (Assure Space PR) — Assure Space, LLC, a new space insurance agency for satellite risks, is excited to partner with Auster Capital Partners (“ACP”) and Space Florida for the provision of launch and in-orbit insurance to satellite operators worldwide. Assure Space has agreements with participating insurers that grant it authority to act as their intermediary and perform a range of responsibilities on their behalf. These include identifying and evaluating world-wide space insurance opportunities and underwriting insurance commitments.
ALLIANZ PR — Allianz Global Assistance will accompany future space travelers before, during and after their space flight with bespoke space travel insurance
Allianz Global Assistance, world leader in travel insurance and assistance solutions, and the International Space Transport Association (ISTA) have signed a unique partnership agreement in anticipation of the inevitable growth in space tourism and commercial space flight. The two partners are committed to accompanying travelers before, during and after their space flight to ensure that their unique galactic experience, as well as the experience of their families back on earth, will be as safe, serene and comfortable as possible.
Insurance coverage on the final frontier: Space tourism a giant leap for insurers Business Insurance
Brokers and other observers said it is difficult to speculate on the insurance market for private space flight because the space tourism industry is not yet a reality, but some said they believe the initial ventures would have difficulty buying cover for the risk.
Lloyds.com has an interesting interview with David Wade, who is a space underwriter with Atrium Space Insurance Consortium (ASIC). He had some interesting things to say about space tourism, commercial cargo delivery to ISS, and the problems posed by space junk.
The space tourism will face high prices and skepticism from the insurance industry during its early years, according to experts at a recent high hurdles from the insurance business in its early years, according to industry experts who spoke at the Federal Aviation Administration’s annual Commercial Space Transportation Conference.
Experts said that policy costs will be extremely high until a company flies safely at least three times. A string of failures could doom a start-up company, they said.