Space Insurance Year 2021 was a profitable one when net losses are compared with premium revenue. According to the Seradata SpaceTrak database, the industry’s projected total losses (some of the claims have yet to be agreed) for the calendar year are circa US$360...
OneWeb, the low Earth orbit (LEO) satellite communications company part-owned by the UK Government, has signed an agreement to insure its GEN 1 (Generation 1) constellation’s remaining launches up to an aggregate value of more than US$1 billion. The insurance...
Peter B. De Selding of Space Intel Report has reported that the Measat-3 satellite looks to be in trouble. Read here. The operator of the satellite MEASAT Global Berhad released a press release on 26 June stating that they had observed an anomaly on 21 June but, that...
Insurance broker Arthur J Gallagher & Co is once again set to be a beneficiary of another firm’s mega takeover. In a re-run of its successful 2019 acquisition of part of JLT speciality – with the main deal going to Marsh – Gallagher has struck a US$3.57 billion...
Sirius-XM Radio announced on 27 January that its SXM-7 satellite, which was launched by a Falcon 9 rocket on 13 December 2021, had suffered a major failure on its payload. Seradata understands that a failure during in-orbit testing resulted in the loss one of the...
In what could be billed as the biggest news for the space insurance market since Swiss Re left in 2019, US insurance giant AIG (American International Group) has decided to leave the space insurance class. The firm currently provides about US$40 million of...
