What is one option that an insurer has in the ever-crowded, soft market on earth? Why, look for business on other planets, of course.

Bupa is reportedly contemplating the space tourism market.

It comes on the back of Russian cosmonauts, who have already taken tourists up into space.

Richard Branson’s Virgin Galactic is also due to start taking paying passengers into space in 2009.

Backchat now wonders whether, with the majority of the $200,000 ticket price going towards third party insurance, the next giant leap for mankind will be alien abduction insurance?