Mitsui Sumitomo Insurance is working with All Nippon Airways (ANA) Holdings, travel agency H.I.S. and other partners to develop insurance products for space tourism. These products are expected to be available around 2030 and will initially focus on suborbital flights.
Suborbital flights, which involve a brief trip into space before returning to Earth, are currently offered by several operators in the United States. Currently, there is no insurance coverage for such flights, and participants must sign consent forms acknowledging the risks involved.
According to a Nikkei Asia report, Mitsui Sumitomo Insurance has enlisted the cooperation of 17 companies in various related fields to formulate a policy specifically for these flights. The collaborators include ANA, which could contribute expertise in rocket flight and maintenance, and H.I.S., which may eventually introduce space tourism products. The Japanese electronics group NEC, known for its expertise in telecommunications technology, is also involved in the initiative.
The proposed insurance plan aims to cover injuries and other potential problems that policyholders may encounter while in space. A major concern is health problems that could result from exposure to radiation during space travel.
Mitsui Sumitomo Insurance’s initiative is seen as a move to support the burgeoning space-related industries. Currently, suborbital flights cost hundreds of thousands of dollars, limiting access to a very wealthy clientele. However, it is expected that prices could fall below $100,000 by the late 2020s.
In the long term, Mitsui Sumitomo Insurance is not only looking at short-term trips, but is also considering insurance plans for multi-day space travel. The company is focusing on accumulating expertise in space tourism insurance, while keeping an eye on the evolving landscape of space travel and tourism.
