While space tourism is ‘still in its infancy’, the demand is indeed ‘growing’, explains chief executive
Travel insurer Battleface has launched an insurance proposition for space tourists.
The new bespoke policy can include benefits such as accidental death and permanent disablement.
Underwritten by Lloyd’s underwriters, the policy is valid for any space flights operated by Tesla founder Elon Musk’s SpaceX, Amazon chief executive Jeff Bezos’ Blue Origin, Richard Branson’s Virgin Galactic and high-tech balloon manufacturers Space Perspective, to name a few.
Sasha Gainullin, chief executive 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.”
Space tourism is space travel for recreational purposes.
Space travel freedom
In December 2019, Lloyd’s launched a multimillion-pound space insurance product called Lift Space.
At this time, Lloyd’s predicted that the space tourism industry is set to be worth $1 trillion by 2040.
This will be driven by private companies entering the sector, in turn generating a significant number of new jobs and capabilities.
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.”