Space Insurance

Space tourism faces potential risks during space travel, and even with a “safety-first” design, it is impossible to ensure that nothing goes wrong. Therefore, it is necessary to use space insurance to protect against potential risks and reduce the possibility of economic losses. When risks occur, the project can receive compensation from space insurance. For the insurance industry, space travel is a new field, and it is expected that by 2040, the revenue from this sector will exceed $ 1 trillion. Such a large market demand undoubtedly represents a “big cake” for the insurance industry, with enormous business opportunities and potential. However, there are also high risks behind the huge demand, and acquiring risk data is a significant challenge. The main reason is that space tourism has been commercially operated since 2021. The operations and flight safety data are still limited. Solutions are limited, but few approaches exist, such as simulating and predicting information data from the space industry supply chain. However, insurance companies are not fully prepared to carry out comprehensive business, which has a significant risk cost for space tourism.