SPACE INSURANCE

Since the launch of Sputnik 1 in October 1957, man has consistently launched objects of various kinds into outer space. The majority of these objects have been communications and earth observation satellites, although there has been an increase in the number of scientific missions to other planets in the solar system. The continued use of the Space Station coupled with renewed interest in lunar landings, interplanetary travel and the nascent space tourist industry will ensure the involvement of mankind in outer space for the foreseeable future. We see tremendous development in the space industry. Government collaboration with private companies are taking shape to explore the space sector. As the space industry expands so does the space insurance. More space insurance specialties will be needed to handle the risks and liabilities.