The space insurance market is specialised, technical and risky. Volatility remains significant, fuelled by a continuing narrow spread of risk and high failure rates relative to other sectors. For space companies, risk management and insurance planning therefore form important pillars of any robust business plan.
Technical failure can derail even the best specified project and with long lead times for the procurement and commissioning of replacement hardware, contingency measures are difficult to find and expensive to fund.
With or without technical failure, the financial impact of risk is substantial, with insurance often forming the third largest cost of a space project, exceeded only by the cost of the satellite and cost of the rocket.
To overcome these challenges, you need to protect your business properly. Our space and satellite team is a highly specialist and experienced group of insurance practitioners. With clients throughout the world and roots dating back over 30 years, we are experts in the broking and servicing of space and satellite insurance.
WHAT WE DO
Driven by our clients’ objectives and priorities, we offer a comprehensive range of services, focused on addressing your individual insurance and risk management needs. We have experience working with satellite owners and operators, satellite service users, satellite manufactures, space tourism, banks, finance and leasing companies, launch service providers, launch vehicle manufacturers and space agencies.
Our core services include:
Review and design
We have extensive experience in the provision of contract design, review, advice and assistance and commit to providing the broadest programme of cover available
Servicing and advice
Recognising each client is different. We provide a tailored approach to individual clients’ needs. Our dedicated and highly experienced servicing teams are fully committed to providing a 24 hour and 365 day comprehensive service
We can arrange risk, safety and quality management services to clients across the globe. Our specialists are all highly experienced within the aerospace industry and offer the in-depth knowledge, skills and experience necessary to help our clients manage today’s complex risk management environment
Marketing and broking
We have developed an enviable respect throughout the market, noted for our negotiating skills, innovation and superior market leverage, we consistently achieve the ideal combination of price and coverage available for our clients
Training and support
We offer our clients a diverse range of aerospace insurance and risk/safety management training opportunities including our annual client training seminar. We can also provide other tailored, bespoke aerospace training as required
We can provide anonymous benchmarking of our clients against a wide range of criteria and track your comparative position year on year. Our benchmarking tools also allow us to construct sound business arguments to assist in our market negotiations.
Our vision is to be the leading specialist insurance broker in the space sector. This means we have a thorough technical understanding of the space industry and deliver insurance solutions to support our client’s strategies and business objectives
We have some of the most experienced space team members anywhere in the global market. We recruit talented people who are passionate, professional and committed to our clients. Our flat management structure enables us to be flexible and responsive and ensures our senior team is involved in the servicing of accounts
We always seek to give our clients a competitive edge in their business by minimising the cost of risk transfer, coupled with the broadest coverage. We have a hard-earned reputation in the insurance market for tough negotiation on behalf of our clients to achieve this result
Through the JLT International Network we can provide our clients with a local service in more than 135 countries. Clients can access this network through the Global Service Team, who provide a single point of contact whilst co-ordinating insurance programmes across the globe.
Steep reduction in market pricing
The leading satellite operator decided to hold a formal tender review for their space insurance business. For the in-orbit risks of the client, our space team identified an opportunity to access new capacity and secure more attractive premium rates by creating an innovative structure of primary and excess layers. Despite all markets being available to all brokers, we were able to negotiate a composite price approximately 15% below the pricing obtained by our competitors along with successfully placing our innovative market product, CPP. This represented a steep reduction in market pricing for in-orbit risks.
Space and satellite insurance coverages can be arranged for:
With aerospace being one of the most dynamic and high-profile industries in the world, traditional risk areas are evolving and new risk exposures are emerging rapidly.
In response, there are now many additional and non-traditional insurance solutions available. We have developed a number of creative solutions and have a proven track record for innovation.
Below are just some of the additional insurance solutions that we can offer our clients: