The Cost of Insuring Your Rocket Will Go Up

I am a big fan of Arthur C. Clarke and was sad to hear about his passing this week. He was a writer who earned a reputation as one who could look at current technology and predict the use of that technology in the future. His prediction of a web of communications satellites set at an orbit of 22,000 feet, providing near instantaneous communications, is legendary (and came in 1945).

But, getting those satellites in orbit is incredibly expensive. How can a business control the risk of losing such an expensive investment? Space insurance! Business insurers offer space insurance and in the last few years the market has become competitive according to AON's Space Market Review. This competition and recent losses are set to drive premiums for space operations up 30% according to AON.