JAXA & Mitsui Sumitomo Insurance to Cooperate on Developing Space Travel Insurance Business

TOKYO (JAXA/Mitsui Sumitomo Insurance Co. PR) –– Sumitomo Mitsui Marine Fire Insurance Co., Ltd. (President: Shinichiro Funabuchi) of MS & AD Insurance Group and Japan Aerospace Exploration Agency (JAXA, Chairman: Hiroshi Yamakawa) aim to create space-related businesses with new ideas. Under the framework of “JAXA Space Innovation Partnership (J-SPARC)”, we started co-creation activities related to “Space Travel Insurance Business” in July 2022.

Details of co-creation activities

Currently, insurance for space travel is not yet in full swing. The reason is none other than the small number of space travelers. Under such circumstances, 2021 was called the “first year of space travel,” and for the first time in history, the number of space travelers exceeded the number of professional astronauts. Now that space travel by various means has been realized or proposed, space travel insurance that meets the needs is required. Sumitomo Mitsui Marine and JAXA are co-creating activities related to “product development of space travel insurance” and “support for expanding the space travel market”, and by creating and disseminating the “space travel insurance” that is now needed. It adds peace of mind to space travel and contributes to the expansion of humankind’s economic sphere.

Product development of space travel insurance

” There are various types of “space travel”, such as excursions aiming for an altitude of about 100 km, trips that go around the earth for several days, and stay-type trips that stay at the International Space Station (ISS). there is. We will carry out co-creation activities related to the development of optimal space travel insurance based on each need and risk together with businesses aiming to realize them.

Support for expanding the space travel market

In an era where everyone can easily and comfortably go to space in collaboration with companies participating in space travel-related businesses such as spaceports, manned spacecraft development companies, and travel agencies. We will support and contribute to the expansion of the necessary market.

Mitsui Sumitomo Insurance has stationed space insurance representatives at overseas bases since 2015, invested in the “Space Frontier Fund” established by Sparks Group Co., Ltd., and developed monthly insurance to compensate for the risk of landing ships on the moon. We are actively participating in the space field. Utilizing that knowledge and experience, in this co-creation activity, based on the information provided by JAXA and the needs of related companies, we quantitatively and qualitatively grasp the risks related to space travel and design the optimal insurance. To do.

JAXA is celebrating 30 years since Astronaut Mamoru Mohri’s first boarding of the Space Shuttle, and based on the achievements in manned space activities accumulated during that time, it can occur during the cycle of training, launch, stay on the ISS, and return. It provides information about events and things to expect. In addition, through this co-creation activity, we will acquire knowledge on risk understanding and quantitative evaluation methods cultivated in the insurance industry and utilize it for manned space stay.

Through this co-creation activity, Mitsui Sumitomo Insurance and JAXA aim for “SPACE FOR ALL-an era where everyone can go to space with peace of mind” by creating insurance suitable for the space travel era.

JAXA Space Innovation Partnership (J-SPARC)

J-SPARC begins with a dialogue between private businesses aiming for space business and JAXA, and with the commitment of both parties toward commercialization, jointly examines the business concept and exits. This is a program to create new businesses by developing and demonstrating oriented technologies. Started in May 2018, we have been promoting more than 30 projects and activities so far.