Branson and Bezos launch a space race for insurers, tooRichard Branson is scheduled to fly into suborbital space this Sunday, nine days ahead of a similar journey by a fellow billionaire, Jeff Bezos. There aren’t currently a lot of options for casual space travelers, but some insurers are interested in developing such policies. The German insurance giant Allianz first began designing space tourism policies in 2012, though there is no evidence one has been sold. Lloyd’s of London estimates that the space insurance market has averaged $500 million in annual premium payments over the past decade. “The big question for the insurance industry is whether this is more like aviation insurance or more like current space policies,” said Neil Stevens, a senior vice president of space products at the insurance broker Marsh.

Source: International New York Times July 09, 2021 12:38 UTC