On Oct. 7, 2022, Mitsui Sumitomo Insurance Co. Ltd., one of the major Japanese insurance companies (“Mitsui Sumitomo Insurance”), and ispace, inc., a Japanese lunar exploration company (“ispace”), announced that they jointly developed the world’s first “lunar insurance” that seamlessly covers the entire process from the launch of the rocket to the landing on the moon.
This lunar insurance was developed with ispace’s lunar development mission in mind, but it appears that Mitsui Sumitomo Insurance intends to add the same type of insurance to its product lineup and offer it to companies that are planning to conduct lunar development projects.
According to published information, this lunar insurance is designed to check the condition of the lander (lunar module) by receiving various data on the ground, transmitted from the lander, and to pay claims if any abnormality occurs or if the objectives of lunar development activities are not achieved.
The development and provision of innovative insurance policies that provide a solution to mitigate risks arising in this new space business would be very beneficial for the further development of the space industry.
The news release (Japanese version) is as follows: https://www.ms-ins.com/news/fy2022/pdf/1007_1.pdf
Daisuke Mosaka ( 毛阪 大佑 ) https://japan-space-law-association.org/en/member-3/
(Source of photo: https://www.ms-ins.com/english/)