My colleague here at INN’s Insurance Experts’ Forum, Ara Trembly, just posted an
Indeed, such excursions probably require a bit more consideration and underwriting work than standard life or air travel insurance.
I linked to Ara's post from one of my other blogging venues, and heard back from Thomas L. Matula, Ph.D., a leading space commerce consultant on the question of space insurance. Space travel is a matter that has been under exploration, he says, noting that “the space insurance industry has been around for decades, emerging in the late 1970's to serve the needs of the $200 billion dollar space commerce industry.” He informed me that for the last 30 years, the space insurance industry has held a bi-annual conference, and details of the most recent conference are available
The next event, the
The
While Aleksandr's computations seem to involve hardware and payloads—and not passengers as Ara discusses—his market sizing provides some perspective on the opportunities in this budding new frontier.
As Aleksandr concludes: “The space insurance market is yet so small, but important and even necessary for sustainable commercial space activities. ...The market is always have a common trend (due the involvement of big amount of insurance companies, in the insurance of each space risk).”
Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.
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