Falling satellite insurance premiums put market at risk of major upheaval

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<title>Falling satellite insurance premiums put market at risk of major upheaval</title>
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<abstract displayLabel="Summary">The price of insuring a commercial satellite's launch and first year in orbit has dropped by around 50 percent in the past six years and has left the market vulnerable to a violent shock that could occur with just one launch failure, insurance underwriters said. For insurers, the nightmare scenario is the failure of Europe's Ariane 5 rocket, which unlike competing vehicles typically carries two satellites at a time into orbit. On at least three occasions in the past three years, Ariane 5 launches have carried satellites whose combined insurance coverage is $750 million, according to figures compiled by XL Insurance of New York. Given that total insurance premiums for the global space insurance market do not exceed $1 billion, the failure would wipe out 75 percent of the year's premium income in a single stroke</abstract>
<note type="statement of responsibility">By Peter B. de Selding</note>
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<title>Space News .- Springfield : Space News International</title>
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<text>2 March, 2012 ; 2 p.</text>
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