The cost of space insurance is set to rise following a crash involving a Vega rocket. The incident represented the largest loss ever recorded in the space market at $411m, with experts predicting that insurance premiums for commercial satellite and rocket accidents will now rise to rebalance the risks involved. In an interview on Monday morning, Virgin Galactic founder Richard Branson said he was “very concerned” about the accident but added that it would not affect his company’s plans to launch its first manned mission by
The cost of space insurance is set to rise following a crash involving a Vega rocket. The incident represented the largest loss ever recorded in the space market at $411m, with experts predicting that insurance premiums for commercial satellite and rocket accidents will now rise to rebalance the risks involved. Space insurance prices have fallen over recent years due to improved rocket reliability and strong competition among insurers.