Space risks insurance market (Part 1)
31 March 2008Today space risks insurance Market is one of the most interesting and technically complex markets, from the point of view of an estimation of insurance risk and the organization of insurance, segments of the insurance market.
1. Historical retrospective
The industry of space risks insurance has been created in the middle of 60th years XX century, when in result of space activity commerciality the demand for indemnification of losses from realization of space risks - in particular, risks of space vehicles’ (SV) destruction and damage of during the periods of prestarting preparation, start and operation, has occurred.
In 1965 the first contract of responsibility insurance before the third parties during prestarting preparation of SV “Eаrly Bird” has been signed, and the basic approaches to SVs’ insurance have been developed till 1968, when after six starts of SV “Intelsat” (four starts were successful) following series of “Intelsat-3″’s starts have been insured.
In September, 1977, SV “O.T.S.” (Orbital Test Satellite), started by booster rocket (further under the text - BR) “Delta-3914″, has been insured for the sum of 29 billion dollars. Both BR “Delta-3914″ and SV “O.T.S.” have been destroyed at еру start.
In February, 1979 failure of third step of BR “N-II” caused destruction of SV «E.C.S.» (Experimental Communication Satellite), insurance compensation has made about 14 million dollars. The following start under program SV «E.C.S.-2» in February, 1980, was also unsuccessful.
More serious incident has occurred in December, 1979 when, because of supernumerary work of engine SV “Satcom-3″ and 77 million dollars were lost. Nevertheless, the space risks insurance market continued to develop.
Despite of insurance companies’ losses, a number of new contracts were signed in 1982. The insurance premium at start of SV “Intelsat” has made 8 %.
- Space risks insurance market (Part 2)
- Insurance market has passed a boundary
- Life insurance policy (Part 1)
- Insurance risk-management in the countries with transitive economy
Leave a reply
You must be logged in to post a comment.
