SINGAPORE — The crisis of the space insurance business has reached the point where even brokers are worried that insurance underwriters may quit the sector, or reduce their coverage and tighten their criteria to achieve about the same effect.
This is not an issue of satellite or launch-vehicle reliability, but of the structural change in the market toward satellite constellations in low Earth orbit, which are sweeping through the space industry and have much less need of insurance.
That, and the parallel decline in the market for larger geostationary . . .
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