Mitsui Sumitomo Insurance Co., Ltd. ("MSI"), a subsidiary of MS&AD Insurance Group Holdings, Inc. based in Tokyo, Japan, has reached an agreement with ispace, inc. (ispace), a global lunar exploration company, to provide the world's first "Lunar Insurance" policy that comprehensively covers risks arising from ispace's Mission 1, from the launch of the rocket to the lunar landing.
The agreement marks the establishment of the world's first comprehensive lunar insurance program, offered by Mitsui Sumitomo, to cover risks associated with lunar missions from launch until landing on the lunar surface.
The policy covers from the launch of the rocket carrying the lunar lander, through the establishment of communication and data transmissions between the lander and mission control following landing on the lunar surface.
Insurance coverage will play an important role towards the realization of high-frequency, low-cost lunar transportation provided by ispace given the inherent risks and high costs associated with spaceflight. Having been evaluated as possessing reliable technology and a dependable business model by the international space insurance market via MSI and global insurance broker and risk advisor Marsh, ispace will utilize such a policy from its first mission, planned to launch as early as this November.
In the future, ispace intends to broaden the scope of insurance coverage, deepening its commitment to promoting the development of insurance and other business initiatives that will contribute to the creation of the cislunar ecosystem. ispace believes that by 2040 the Moon will support a population of 1,000, with 10,000 people visiting every year, and, as part of this vision, the company aims to be a key orchestrator in the creation of this new industry.
Since 2019, when MSI joined ispace's HAKUTO-R program as a Corporate Partner, the two organizations have been collaborating to develop the world's first lunar insurance service. In April 2022, ispace signed a Memorandum of Understanding (MOU), which stated that ispace would utilize MSI's new lunar insurance to cover risks arising in the lunar business named the "Lunar Insurance Plan." This announcement confirms a formal agreement has been reached and ispace will utilize this mutually developed insurance policy, with additional support from Marsh, for Mission 1.
