The space insurance market
In this IIL claims webinar, David Wade talks about the commercial space sector, applications for which satellites are used and the space insurance market. David discusses how the commercial space industry is evolving and the role that insurance plays. He also discusses some of the claims seen in the space market and how data to support a space claim is gathered as well as the realistic disaster scenarios that apply to the space market.
The commercial space sector generated revenue of USD 279 billion in 2021. Over 4,000 active satellites circle the Earth providing a wide range of communication, imaging and navigation services with a plethora of new applications under development.
Space insurance has grown from its satellite television foundations into a unique class of business alongside an evolving commercial space sector. It is perhaps the best example of a low-frequency, high-severity market. As the space industry changes with reusable launch vehicles, software-defined payloads and a new generation of satellite constellations, insurers need to track, monitor and evaluate any new risks that may develop if the class is to remain profitable.
When something goes wrong it’s not always easy to determine what has happened to a satellite and insurers need to rely on telemetry returned from the satellite and other sources of data to assist claims investigations. To cover the worst case, Lloyd’s has developed a set of realistic disaster scenarios for the space market.
Learning objectives:
- To be able to explain typical applications of satellites
- To understand the fundamental aspects of the space insurance market
- To understand the typical process of resolving a space claim
Venue
Booking information:
You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).
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