It’s the latest move to promote competition that, his administration argues, is hampered by corporate giants and dealmaking. President Biden will sign a wide-ranging executive order today targeting the power of big companies. “There hasn’t been a situation where insurance markets haven’t stepped up.”īiden takes on competition in … everything “The big question for the insurance industry is whether this is more like aviation insurance or more like current space policies,” said Neil Stevens, a senior vice president of space products at the insurance broker Marsh. Space tourism could create a much larger demand for coverage. But those policies have generally covered satellites and other nonhuman cargo. Lloyd’s of London estimates that the space insurance market has averaged $500 million in annual premium payments over the past decade.
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(Allianz did not return a request for comment.) And while space tourism is new, insurance experts say there is now more than enough data on rocket launches to know how to price these policies. The German insurance giant Allianz first began designing space tourism policies in 2012, though there is no evidence one has been sold. There aren’t currently a lot of options for casual space travelers, but some insurers are interested in developing such policies. Insurance providers say it’s very likely that regulators will soon require liability policies. Virgin has said passengers will eventually be required to sign a contract agreeing to be fully liable for their own safety, but American law makes it nearly impossible to transfer all liability in the case of personal injury or loss of life. As such, Branson’s flight, despite rocketing 2,400 miles an hour to the edge of space, is technically considered domestic travel. Unity, launches and lands in the same place. Liability coverage is required on international flights. Virgin, Branson and Blue Origin declined or did not respond to requests for comment. (The craft is likely covered.) The same goes for Bezos and his company Blue Origin. These first flights for the space moguls will also launch without liability insurance.īrokers say that neither Virgin Galactic nor Branson appears to have purchased coverage should the British business mogul be hurt, or worse. Richard Branson is scheduled to fly into suborbital space this Sunday, nine days ahead of a similar journey by a fellow billionaire, Jeff Bezos. Branson and Bezos launch a space race for insurers, too
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