Thursday, December 1, 2022
HomeInsuranceFormalization of the world's first "moon insurance".

Formalization of the world’s first “moon insurance”.

Life, auto, home or property insurance is very common and highly recommended as a tool to protect against risks of any kind. These are just a few examples of contractual objects, among a series of the most varied scopes (and even curious ones, such as those dealing with parts of the body or unusual objects).

However, no content exceeds a policy recently developed by Mitsui Sumitomo Insurance Co. (MSIG), a subsidiary of MS&AD Holdings Insurance Group, headquartered in Tokyo, Japan. As a leader in the non-life insurance market in the country, in addition to motor, fire and personal accidents, MSIG also offers insurance services for satellite launches.

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The company was contracted by ispace, a global space exploration company, to provide the world’s first “moon insurance”, which fully covers the risks arising from its first mission to the moon, from rocket launch to landing. . According to a company statement, the service also covers the establishment of communication and data transmissions between countries and mission control.

As part of ispace’s plans, it offers moon insurance under MSIG for future flights with any carrier. “Insurance coverage will play an important role in achieving the low-cost, high-frequency lunar transportation provided by ispace, given the inherent risks and high costs associated with spaceflight,” the official memo reads.

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Since 2019, when MSIG joined ispace’s HAKUTO-R program as a business partner, the two organizations have been working together to develop the world’s first lunar insurance service.

ispace estimates that by 2040 the Moon will support a population of approximately 1,000 people, with another 10,000 visiting the moon each year, and as part of this vision the company aims to be a key orchestrator in the creation of this new industry.

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