Space insurer Swiss Re leaves market

[Elderberry]

Space News by Caleb Henry — August 1, 2019

Swiss Re, the world’s second largest reinsurance company, informed clients and brokers July 31 that it has stopped insuring satellites and launches.

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.”

Swiss Re’s decision to stop underwriting new space policies follows the destruction of the Emirati imaging satellite Falcon Eye 1 during a July 10 Vega launch failure, costing insurers an estimated 369 million euros ($407 million).

More: https://spacenews.com/space-insurer-swiss-re-leaves-market/