ispace & Mitsui Sumitomo Insurance to Realize First-Ever Case of Commercial Lunar Exploration Insurance

HAKUTO-R near the moon. (Credit: ispace)

MSI’s “Lunar Insurance Plan” will cover ispace’s Mission 1 from launch to landing

TOKYO, April 21, 2022 (ispace PR) – Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a subsidiary of MS&AD Insurance Group Holdings, Inc.  based in Tokyo, Japan, and lunar exploration company, ispace, inc. (“ispace”), announced today that the two companies have reached an agreement for ispace to utilize MSI’s new lunar insurance to cover risks arising in the lunar business named the “Lunar Insurance Plan”. The companies recently signed the agreement in the form of a Memorandum of Understanding (MOU), which states the intention to finalize terms during 2022, in the months leading up to ispace’s first mission, Mission 1 (M1), which is currently planned to launch around Q4 2022* at the earliest.

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