Academy Workshop - Insurance solutions for the changing risk landscape of the space industry

In this session, the Lockton Space Team will talk about the types of insurance covers that are available for space businesses. We will look at the highly specialist space insurance market, how it has developed, its volatility and recent loss record and how it is adapting to the fast moving pace of the space industry.  

We will also look at specialist covers for space-related businesses that are provided by other insurance markets, such as the marine cargo market and the aviation market.

We will look at how the underlying space business has evolved; the change from governmental risk taking to commercialisation, particularly in the USA, the reduction in cost to orbit, the growth of low Earth orbit constellations, future in-orbit servicing, and lunar and Mars missions. 

Agenda:

Brief introduction to the Lockton Space and Aviation Team 

The role of the Space insurance broker

History and evolution of the Space insurance market

Composition and state of the market – how is the market changing due to the commercialisation of space travel and the advances in satellite technology?

Types of coverage for space businesses – what solutions can insurance provide for these advancing technologies

By the end of the session, you will be able to:

• Identify the types of coverage and risk solutions for space businesses 
• Realise the composition and state of the space insurance market
• Appreciate the history and evolution of the space insurance market
• Better recognise the emerging technologies and risk landscape of the space and satellite industry

Speakers:

Russell Sawyer, Satellite Account Executive, Lockton