In this IIL claims webinar, David Wade talks about the commercial space sector, applications for which satellites are used and the space insurance market. 

Description

The commercial space sector generated revenue of USD 279 billion in 2021. Over 4,000 active satellites circle the Earth providing a wide range of communication, imaging and navigation services with a plethora of new applications under development.

Space insurance has grown from its satellite television foundations into a unique class of business alongside an evolving commercial space sector. It is perhaps the best example of a low-frequency, high-severity market. As the space industry changes with reusable launch vehicles, software-defined payloads and a new generation of satellite constellations, insurers need to track, monitor and evaluate any new risks that may develop if the class is to remain profitable.

When something goes wrong it’s not always easy to determine what has happened to a satellite and insurers need to rely on telemetry returned from the satellite and other sources of data to assist claims investigations. To cover the worst case, Lloyd’s has developed a set of realistic disaster scenarios for the space market.

Learning objectives

• To be able to explain typical applications of satellites
• To understand the fundamental aspects of the space insurance market
• To understand the typical process of resolving a space claim

Speaker

• David Wade, Space Underwriter, Atrium Space Insurance Consortium