ABSTRACT
The space environment presents a challenge to designers and operators of our space technology assets, from commercial communications, navigation and weather satellites to orbiting space stations and spacecraft on missions beyond Earth's orbit. The inherent risks and attendant liability regime associated with spaceflight have received increased attention in recent years with the advent of commercial supply missions to the International Space Station and the rise of a potential market for suborbital “space tourism.” However, a key part of the financial solution – space insurance – has been under development for more than half a century.
This contribution provides an overview of the risks encountered by space-based assets and reviews the engineering solutions provided by space technology. For immediate commercial risks, it then explains the role of the space insurance market, the coverage available and other factors such as market capacity and premium rates for space risks. The chapter concludes that there is likely to be growing need for space insurance cover, and highlights the fragility of orbital and planetary environments (e.g., in relation to orbital debris) and the challenges of protecting them for study and use by future generations.
