Abstract The phenomenon of private human access to space has introduced a new set of problems in the insurance sector. Orbital and suborbital space transportation will surely be unique commercial services for this new market. Discussions are under way regarding space insurance, in order to establish whether this new market ought to be regulated by aviation or space law. Alongside new definitions, infrastructures, legal frameworks and liability insurances, the insurance sector has also been introducing a new approach. In this paper, I aim to analyse some of the possibilities of new premiums, capacities, and policies (under aviation or space insurance rules), as well as the new insurance products related to vehicles, passengers and third party liability. This paper claims that a change toward new insurance regimes is crucial, due to the current stage in development of space tourism and the urgency to adapt insurance rules to support future development in this area.
Highlights ► Expectations in insuring suborbital space tourism by the aviation market. ► Analysis of liability insurance regime under aviation and space law. ► Rate of insurance premium of approximately 10% for orbital space tourism. ► Insurance premium of less than 1% for suborbital space tourism. ► Personal accident policies for passengers in suborbital and orbital space tourism.
Aviation or space policy: New challenges for the insurance sector to private human access to space
Acta Astronautica ; 92 , 2 ; 235-242
2012-11-27
8 pages
Article (Journal)
Electronic Resource
English
Aviation or space policy: New challenges for the insurance sector to private human access to space
Online Contents | 2013
|Elsevier | 2013
|Online Contents | 2013
|Engineering Index Backfile | 1930
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