The New Frontier for Space Insurance
- Paper number
IAC-17,E6,2,8,x39397
- Author
Mr. Kirby Ikin, Asia Pacific Aerospace Consultants Pty Ltd, Australia
- Coauthor
Mr. William Barrett, Asia Pacific Aerospace Consultants Pty Ltd, Australia
- Year
2017
- Abstract
Commercial space activity is reaching into broader and newer areas than were ever conceived of when the space insurance market was created. Today commercial entities are planning to undertake the development of commercial space stations; asteroid mining; space tourism; manufacturing in space; and even commercial missions to Mars and the Moon. As commercial endeavours they rely on the availability of insurance to underpin their financing, yet the types of insurance and the skills required to implement them do not currently exist. Insurers of the New Space arena are already having to deal with rocket powered winged vehicles carrying private human crews and passengers, as well as reusable conventional rocket stages. No space risk underwriter has dealt with this before, nor have aviation underwriters dealt with such risks and unfamiliar operating environments. Future commercial facilities in space will be significantly different types of risks to satellites, while future asteroid mining operations will blend spacecraft and mining knowhow. Even the advent of swarms of nanosatellites requires the development of new approaches to insuring commercial space assets and space dependent businesses. This paper will examine the changing commercial space landscape; identify the new types of insurance required to meet this new paradigm; and address steps that need to be taken to facilitate the insurance needed to underpin these new endeavours.
- Abstract document
- Manuscript document
IAC-17,E6,2,8,x39397.pdf (🔒 authorized access only).
To get the manuscript, please contact IAF Secretariat.