Insurance & Risk Management and Space

Insurance provides risk mitigation through a contract binding a party to indemnify another against specified loss in return for premiums paid. Risk management is the process of identification, analysis and either acceptance or mitigation of uncertainty. Risk management occurs when the holder of an asset analyzes and attempts to quantify the potential for losses in the event of the destruction of an asset and then takes the appropriate action (or inaction) given objectives for the assets and the holder's risk tolerance.

Approprate insurance coverage is a necessity for almost any valuable asset. Due to the high actual and perceived risk of space ventures, it is critical for space systems asset holders to accurately determine the associated risks, to engage actuaries to quantify those risks, and the insurance industry to provide affordable coverage against the loss of the assets at risk.

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