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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 ...

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 ...