Recently, several major Japanese insurance companies have started working on various projects related to space insurance as follows:
- Tokio Marine & Nichido Fire Insurance Co., Ltd. launched a “space project” on April 1, 2022, aiming to contribute to the growth and development of the space industry. On April 21, 2022, the company announced the joint development of a “Lunar Insurance” to support lunar exploration with Beazley PLC in the UK, one of the major players in the international space insurance market.
- On April 21, 2022, Mitsui Sumitomo Insurance Co. Ltd. and ispace, inc., a Japanese lunar exploration company, announced that they had signed a Memorandum of Understanding (MOU) to create a new “lunar insurance” to cover risks arising from lunar business. The two companies plan to finalize the terms of the lunar insurance by the end of this year for ispace’s first lunar lander mission scheduled for launch around Q4 2022 at the earliest.
- On March 29, 2022, Sompo Japan Insurance Inc. announced that, with the aim of contributing to the expansion of the space industry, and improving its services through utilizing space technologies, the company has entered into a business and capital alliance with Synspective, a Japanese company that develops and operates satellites and provides solutions using satellite data.
Please refer to the following news releases for details: