SpaceNews reports that Swiss Re has left the space insurance market due to losses. Jan Schmidt, the head of Swiss Re’s space underwriting division, said in an email obtained by SpaceNews that the decision to “cease Space underwriting with immediate effect” was driven by “bad results of recent years and unsustainable premium rates.” Schmidt emailed clients and brokers the same day Swiss Re board member Andreas Berger told Reuters the […]

Reuters reports that insurance rates are going up following the failure of an European Vega rocket that destroyed a very expensive United Arab Emirate’s military reconnaissance satellite last month. The loss of the Falcon Eye 1 satellite will cost insurers $411.21 million (369 million euros), which is the highest recorded amount for an insured satellite, Reuters reported. The Vega rocket carrying the satellite failed on July 10 due to an […]