‘This is a real issue for insurance,’ said Richard Parker, co-founder of Assure Space.
‘It may start to get difficult to get that type of coverage in the near future as more insurers realize that this is a significant risk that we can’t even get our arms around,’ Parker told Reuters. Much of the new activity has come from billionaire Elon Musk’s SpaceX, as it expands its Starlink broadband network.SpaceX did not reply to requests for comment. As a privately held company, it does not disclose whether its satellites are insured.
Space coverage has been a lucrative niche for insurers, which took in $475 million in gross premiums to cover satellites, rockets and unmanned space flights last year and paid just $425 million in losses, according to Seradata.
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