Swiss Re is exiting the space insurance market because of poor results and "unsustainable premium rates". The firm's space underwriting unit informed clients and brokers of the decision on H1 2019, as the insurer seeks to reduce losses after revenue dropped by $53m YoY to $953m in 31 July. The decision followed recent launch failures such as the destruction of Emirati imaging satellite Falcon Eye 1, which led to payouts of about $407m, and the breakdown of Maxar Technologies' WorldView-4, which cost insurers $183m.
Swiss Re is exiting the space insurance market because of poor results and "unsustainable premium rates". The firm's space underwriting unit informed clients and brokers of the decision on 31 July, as the insurer seeks to reduce losses after revenue dropped by $53m YoY to $953m in H1 2019. The decision followed recent launch failures such as the destruction of Emirati imaging satellite Falcon Eye 1, which led to payouts of about $407m, and the breakdown of Maxar Technologies' WorldView-4, which cost insurers $183m.