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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.
Swiss Re Ltd. has stopped insuring satellites and launches, starting July 31, Space News reported. Jan Schmidt, head of Swiss Re's space division, said that the reinsurer decided to stop writing space-related business due to recent bad results and unsustainable rates.