Edinburgh / Tokyo, 18 November 2022. – Insurance company Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group, has reached an agreement with global lunar resource development company ispace, to provide the world’s first Lunar Insurance policy covering risks arising from ispace’s Mission 1, ispace said.
Lunar transportation and high spaceflight risks make insurance necessary. The agreement establishes the world’s first comprehensive lunar insurance program, covering missions from launch to landing on the Moon. MSI and global insurance broker and risk advisor Marsh, have evaluated ispace to have reliable technology and a dependable business model and therefore is insurable.
The company believes that lunar population will reach 1,000 by 2040, with 10,000 people visiting annually. Therefore, ispace aims to intends promote the development of insurance and other business initiatives to subsidize the creation of the cislunar ecosystem.
MSI joined ispace’s HAKUTO-R program in 2019 as a Corporate Partner, and the duo has been developing a lunar insurance service ever since. The companies signed a Memorandum of Understanding earlier this year for ispace to utilize MSI’s lunar insurance cover, which is now finalized with the current agreement.