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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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  • Parabolic Arc
  • July 24, 2022