Aon’s International Space Brokers, a specialty risk adviser under Aon Corp., now offers satellite insurance for space investors. The Investment Protection Insurance (IPI) is the first-ever policy for space investors, who previously had no first-party rights to the spacecraft, Aon said.
The policy is designed to cover the loss of an investment in a satellite and failure to launch, which the company said is the biggest risk. Aon said its IPI reacts to market changes of bond yield and share price before and after the launch, and then pays the amount lost from the publicly traded securities of a satellite company.
"Aon used its leverage with the insurance markets to introduce new capital, supporting both investors and operators by protecting their investments," said Clive Smith, space business unit leader for Aon's International Space Brokers. "As developments continue to increase for areas such as delivering broadband as well as pollution and disaster monitoring, lack of liquidity in the financial markets has delayed industry growth. IPI will restore that growth."
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