Analysis

The final frontier: Insuring the rise of space tourism

By 2024-10-30T08:00:00

space tourism

Although appetite for commercial space tourism is gaining more traction, a lack of historical data and uniform regulation leaves insurers interested in this line of business stalling

With spacecraft manufacturers Virgin Galactic, Blue Origin and SpaceX leading the way, space tourism is projected to grow from a $827.2m (£622m) industry in 2023 to almost $13bn (£9.77bn) by 2032, according to figures from Global Market Insights published in Gallagher Specialty’s latest Plane Talking update for the aviation industry for Q3 2024.

Despite the high prospects for growth in this niche area, many challenges remain – including for the insurance industry.

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