JAXA and Mitsui Sumitomo Insurance to cooperate in developing space travel insurance business – Parabolic Arc | Business Insurance

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TOKYO (JAXA / Mitsui Sumitomo Insurance Co. PR) –– Sumitomo Mitsui Marine Fire Insurance Co., Ltd. (Chairman: Shinichiro Funabuchi) of MS & AD Insurance Group and the Japan Aerospace Exploration Agency (JAXA, Chairman: Hiroshi Yamakawa) aim to create space-related businesses with new ideas. Under “JAXA Space Innovation Partnership (J-SPARC)”, we start joint creation activities related to “space travel insurance business” in July 2022.

Details of co-creation activities

Currently, space travel insurance is not yet fully operational. The reason is none other than the small number of space travelers. Under such circumstances, 2021 was dubbed the “first year of space travel,” and for the first time in history, the number of space travelers exceeded the number of professional astronauts. Now that space travel has been done or proposed by various means, space travel insurance is required to meet the needs. Sumitomo Mitsui Marine and JAXA are co-creating activities related to “space travel insurance product development” and “support for expanding the space travel market”, and creating and spreading the “space travel insurance” that is now needed. It adds peace of mind to space travel and contributes to the expansion of the economic sphere of mankind.

Development of space travel insurance products

There are several types of “space travel”, such as excursions that aim at an altitude of about 100 km, trips that go around the Earth for several days, and stay-type trips that stay on the International Space Station (ISS). there are. We will carry out co-creation activities related to the development of optimal space travel insurance based on each need and risk together with the companies that aim to realize them.

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Supporting the expansion of the space travel market

In an era where everyone can easily and comfortably go to space in collaboration with companies involved in space travel-related businesses such as spaceports, manned spacecraft development companies, and travel agencies. We will support and contribute to the expansion of the necessary market.

Mitsui Sumitomo Insurance has placed space insurance representatives on overseas bases since 2015, invested in the “Space Frontier Fund” established by Sparks Group Co., Ltd., and developed monthly insurance to offset the risk of landing ships on the moon . We are actively participating in the space field. Using that knowledge and experience, in this co-creation activity, based on the information provided by JAXA and the needs of related companies, we quantitatively and qualitatively grasp the risks related to space travel and design the optimal insurance. To do.

JAXA is celebrating 30 years since astronaut Mamoru Mohri’s first space shuttle boarding, and based on the achievements in manned space activities accumulated during that time, it may occur during the cycle of training, launch, stay on the ISS and return. Provides information on events and things to expect. Additionally, through this co-creation activity, we will gain insights into risk understanding and quantitative assessment methods cultivated in the insurance industry and use them for the manned stay in space.

Through this co-creation activity, Mitsui Sumitomo Insurance and JAXA aim at “SPACE FOR EVERYONE: An era where everyone can go to space with peace of mind” by creating insurance fit for the age of space travel.

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JAXA Space Innovation Association (J-SPARC)

J-SPARC begins with a dialogue between private companies targeting the space business and JAXA, and with both parties’ commitment to commercialization, jointly examines the commercial concept and exits. This is a program to create new businesses through the development and demonstration of targeted technologies. Started in May 2018, we have been promoting more than 30 projects and activities so far.