A UK speciality travel intermediary has moved to support the growth in space tourism with a specific product for those who are keen to head into space.
Kent-based battleface has launched the bespoke policy for would be astronauts as the recent success of a range of commercial space programmes has triggered a rapid growth in the demand to go into low orbit.
The new policy’s benefits include cover for accidental death and permanent disablement. Underwritten by a number of syndicates at Lloyd’s, the policy would be valid for any of the space flights operated by Tesla Founder Elon Musk’s SpaceX, Amazon CEO Jeff Bezos’s Blue Origin, Richard Branson’s Virgin Galactic, and high-tech balloon manufacturers Space Perspective amongst others.
Sasha Gainullin, CEO of battleface said: “We are proud to be providing this pioneering product for space tourism. We regularly revisit our policies to ensure we are relevant to today’s marketplace, and while space tourism is still in its infancy, several hundred space flights have been sold to ‘civilians’ and demand is growing. This type of product fits with our values of providing people with the confidence to fulfil their dreams.”
The firm added Lloyd’s already has an innovative insurance solution for the emerging private spaceflight industry and a space consortium from where they have developed straightforward, scalable insurance for all aspects and phases of new technological advancements and projects in the space travel sector. According to Lloyd’s its anticipates that the commercial space industry is set to grow to be worth $1 trillion by 2040, driven by private companies entering the sector, which will generate a significant number of new jobs and capabilities in the emerging space tourism industry.
Gainullin continued: “Today’s landscape mirrors the early days of air travel back at the beginning of last century. With the advent of more affordable space travel, costs should come down as demand rises alongside the need for insurance. The first policy for aviation was written in 1911 and in 1927 the first transatlantic flight flown by Charles Lindbergh was insured. We are excited to be one of the first companies in 2021 to be providing insurance to space tourism pioneers who want to have the freedom to travel into space.”