Space tourism risks: A space insurance perspective

Space transportation is inherently risky to humans, whether they are trained astronauts or paying tourists, given that spaceflight is still in its relative infancy. However, this is easy to forget when subjected to the hype often associated with space tourism and the ventures seeking to enter that market.The development of commercial spaceflight constitutes a challenge as much as a great opportunity to the insurance industry as new risks emerge and standards, policies and procedures to minimise/mitigate and cover them still to be engineered.Therefore the creation of a viable and affordable insurance regime for future space tourists is a critical step in the development of a real space tourism market to address burning risk management issues that may otherwise ultimately hamper this nascent industry before it has a chance to prove itself.