TOULOUSE, France — The long-expected reckoning in the space insurance market — too many underwriters chasing too few satellite programs, leading to collapsing rates at a time of low demand for big satellites — finally occurred in 2018 as insurers suffered their worst year since 2000.
What’s worse for the insurers is that 2018 did not feature an unusually heavy volume of losses, which is what happened in 2000 when a new satellite design failed in orbit after having been launched by several feet operators.
Instead, 2018’s losses, with . . .
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