XL Catlin is expanding its space insurance offerings.
The global insurer and reinsurer—soon to be acquired by France’s AXA—disclosed it is launching space insurance coverage for satellite owners, manufacturers and launch providers. XL Catlin framed it as “seamless space insurance coverage,” a single policy that provides protection for all satellite and launch physical damage exposures, ranging from pre-launch to launch activities to the actual deployment of the spacecraft in orbit.
“We have developed this coverage based on our review and monitoring of the space industry as well as on feedback from clients and brokers,” Chris Kunstadter, global head of Space Insurance for XL Catlin, said in prepared remarks. “With the proliferation of new, small satellites and launch vehicles, a single, standardized product will provide easy access to insurance throughout the development and deployment life cycle of satellites and launch vehicles.”
There are 4,857 satellites currently orbiting the planet—an increase of nearly 4.8 percent compared to last year, according to statistics from the United Nations Office for Outer Space Affairs cited by XL Catlin.
Also, 2017 was a record-breaking year for satellite launches, with a total of 466 satellites launched. So far in 2018, 220 satellites have been launched. XL Catlin said.
The new policy offers up to $5 million in limits during both the pre-launch and launch phases, and limits can differ during each phase. The underwriting expert teams are based in New York and London, covering global clients in the aerospace industry.
XL Catlin offers a suite of insurance products for space operations, including launch, in-orbit and associate coverages for satellites, launch vehicles and other space payloads, as well as pre-launch and liability coverages. Coverage extends to traditional and specialized aerospace, telecommunications and Earth observation organizations and related businesses.
Source: XL Catlin