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.

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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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ispace Begins Final Assembly of Lunar Lander Flight Model Ahead of First Mission

Hakuto-R spacecraft (Credit: ispace)

TOKYO (ispace PR) –- Today, ispace announced that it began the assembly of the flight model for its lunar lander, which is to be used in the company’s first mission scheduled to launch in 2022. This is a major engineering milestone in the development of the lander and part of the final stretch toward our first mission.

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Mitsui Sumitomo Insurance Becomes Corporate Partner of ispace’s HAKUTO-R Lunar Program

Latest HAKUTO-R Lander and Rover design. (Credit: ispace)

Mitsui Sumitomo Insurance & ispace Plan to Jointly Develop Lunar Insurance

TOKYO (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 MSI has become a Corporate Partner of HAKUTO-R, the world’s first commercial lunar exploration program.

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