Firms to provide coverage for satellite launch and in-orbit risk
The aviation division of US insurer Ironshore has entered a treaty reinsurance programme with Hank Greenberg’s Starr Group to provide commercial satellite insurance cover. The insurance programme provides coverages for satellite launch and in-orbit insurance underwritten through Starr Space. Ironshore Aviation will assume 10% of the global facility, underwritten on a quota share basis with other leading insurance carriers.
For launch insurance, which protects insureds against launch failure, the Starr facility will insure up to $30m on a single launch and $35m on a dual launch, with Ironshore providing 10% of the coverage. In-orbit insurance protects against operational risk throughout the life of the satellite.
“Space insurance coverage is a highly specialised field, requiring disciplined technical underwriting expertise,” said Gerald Frick, head of Ironshore Aviation. “Satellite owners recognise that the launch and in-orbit operations are subject to catastrophic losses, and seek insurance protection to maximize the operational life of the spacecraft.”