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Lloyd’s launches coverage for private space market

Virgin Galactic spaceflight

Lloyd’s of London on Wednesday launched a $25 million insurance facility for the private spaceflight market.

Backed by 18 syndicates and led by syndicates managed by Brit Ltd. and Hiscox Ltd., Llift Space is designed to cover satellites weighing less than 660 pounds or 300 kilograms, Lloyd’s said in a statement.

The facility will offer coverage from prelaunch through in-orbit operations, the statement said.

According to Lloyd’s, the so-called newspace market, which includes lower cost spaceflights backed by wealthy individuals and startups, is valued at $300 billion and could increase to $1 trillion by 2040.





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