06.02.2013 | Property, About us
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Solutions for an ambitious industry
Satellites network the world, provide information about the weather, and are indispensable for modern communication and for global networking. The technology is becoming increasingly complex, sophisticated and expensive. The investment costs for satellites and launch vehicles are in the region of US$ 300m. Financing a venture on this scale requires comprehensive insurance protection.
As one of the pioneers of space insurance, Munich Re has been the industry’s first choice for over 30 years. Our Space Department offers the ideal combination of experienced experts in the fields of technology and insurance. In the video, our aerospace experts, Ernst Steilen, Christian Riedl, Dr. Achim Enzian and Hendrik Baumann, present the challenges and opportunities involved, and describe the solutions we can provide for satellite insurance covers. Click on the video on the left.
New information portal Touch Space Flight
There is scarcely any other class of insurance where the causes of property and liability losses are so varied, or the consequences of malfunctions and system crashes are so far-reaching. With only 25 to 30 launches per year, the insurance industry is confronted here with a group of risks that would hardly be insurable by normal standards. Virtually all satellites are unique and they have never been previously tested under real conditions. Once a satellite is in orbit, it cannot be repaired. Even a small defect can result in a total loss.
Given the uncertain conditions, the task of calculating premiums commensurate with the risks is that much more difficult. It is therefore all the more important to be as painstaking as possible before the launch and to subject all the conceivable technical and financial risks to careful and professional analysis. The experts in the Space Department at Munich Re work closely in this context with clients and brokers.
In our new online information portal, Touch Space Flight, we outline the key aspects of space insurance and present our range of services.
The following are just some of the topics you can read about in the new Touch Space Flight: