Lloyd’s launches space policy

December 5 2019 by InsuranceAsia News Staff

Lloyd’s has helped establish a new space policy for the emerging private spaceflight market.

Llift Space is backed by a consortium of 18 syndicates, led by Brit and Hiscox MGA, with a US$25 million capacity per risk.

Llift Space will provide cover for customer assets from the pre-launch phase, including transit and placement on the launch vehicle, through to the launch phase and in-orbit operation.

It is designed for satellites that weigh less than 300kg, and is targeted at the NewSpace sector.

NewSpace has a lower cost and easier routes to space, and has opened up the sector to private enterprise and start-ups, and driven more demand for space insurance.

Lloyd’s believes that the global space market could increase in value from US$300 billion today to US$1 trillion by 2040.

“New aerospace companies and ventures are emerging all the time,” said Trevor Maynard, Lloyd’s head of innovation. “They are looking to develop faster and cheaper access to space and spaceflight. As they do so, they want access to easily scalable insurance that fits their needs and can be arranged quickly to support technological development and business growth.”

“Our new space consortium allows Lloyd’s to do this better than ever,” he continued. “The breadth and depth of space insurance knowledge among Lloyd’s underwriters and brokers means that Lloyd’s is the number one choice for both traditional and NewSpace insurance.”

Gary Brice, head of marine and space for Lloyd’s managing agent Brit global specialty, which manages Llift Space with Hiscox, also commented: “Llift Space takes away the complexity of traditional space insurance and allows customers, in particular those in the NewSpace sector, to insure all the phases of their project with one policy.”

MORE FROM: Lloyd's