Orbspace and Mitsui Sumitomo Insurance sign business collaboration agreement to utilize insurance for reusable rockets and space debris
2024-05-22
Orbspace Corp. (Head office: Tsukuba City, Ibaraki Prefecture; CEO: Lentsch Aron; hereinafter referred to as “Orbspace”), a startup developing the reusable small manned rocket Infinity, has signed a business collaboration agreement with Mitsui Sumitomo Insurance Co., Ltd. (Head office: Chiyoda-ku, Tokyo; President and CEO: Funabiki Shinichiro; hereinafter referred to as “Mitsui Sumitomo Insurance”) with the aim of working together on risk assessment associated with the development and launch of reusable rockets, as well as the development of new space insurance for the space debris business.
Background
Reusing rockets can significantly reduce launch costs, however a fully reusable and low-cost rocket has yet to be developed. Meanwhile launch demand has been increasing significantly in recent years. With its roots in professional launch vehicle development, Orbspace is developing the highly reusable and mass manufactured rocket Infinity. Being very small, simple and highly versatile, Infinity can be used for multiple purposes and markets, starting with suborbital and later orbital satellite and manned space transportation. Moreover, because it is using bio-methane, a green fuel and does not create any debris in space or on the ground, it is highly sustainable.
Through this collaboration, Mitsui Sumitomo Insurance and Orbspace have agreed to work together on business and technology development related to space transportation, risk management, development of new insurance products and services related to space debris, etc.
Space debris and space insurance
It is estimated that there are approximately 36,500 objects larger than 10 cm and over 1 million objects larger than 1 cm currently in orbit. The rapid increase in debris poses a major risk to long-term space utilization. In particular, operating satellites must be moved to avoid collisions, which consumes fuel and shortens the satellite’s lifespan, placing a heavy burden on satellite operators.
With our mass manufactured rocket Infinity and flight operations from numerous space ports all around the world, Orbspace will be able to carry out many thousands of launches every year to effectively clean-up space at low cost. We will be starting by offering just-in-time collision avoidance by slightly changing the trajectory of orbital debris on a collision course – an approach commonly referred to as “nudging”.
Through this collaboration, MSI will proceed with risk assessment and insurance arrangements for the development and launch of reusable rockets. In addition, MSI will support the development of space debris removal technology, aiming to reduce insurance claims caused by space debris collisions in the future. We will support the stabilization of the volatile space insurance market and the realization of a sustainable space industry.
Overview of Mitsui Sumitomo Insurance Co., Ltd.
Mitsui Sumitomo Insurance was created in October 2001 through the merger of Mitsui Marine Insurance and Sumitomo Insurance. In April 2008, we transitioned to a holding company structure with the aim of further diversifying the business of the entire group. In April 2010, the Mitsui Sumitomo Insurance Group, Aioi General Insurance, and Nissay Dowa General Insurance merged to form the MS&AD Insurance Group. In addition to automobile, fire, and accident insurance, the company also handles space insurance for cases such as satellite launches.
Head office location: 3-9 Kanda Surugadai, Chiyoda-ku, Tokyo
President and Director: Shinichiro Funahime
Established: October 1918
URL: https://www.ms-ins.com/
Space insurance special site: https://www.ms-ins.com/special/space/
Orbspace overview
Orbspace Corp., founded in Tsukuba City in 2021, is developing the reusable suborbital small rocket Infinity. This highly reliable and highly responsive rocket can serve a wide range of demands and applications with the same design, including on-demand, real-time tracking and imaging, short-duration space travel, and orbital debris removal. Even after suborbital operations begin, it will continue to evolve into a second-generation rocket capable of launching into orbit. Combining proven existing space technology with high-tech metal materials and innovative design will enable high-frequency launches and mass production, dramatically reducing launch costs and ushering in an era in which space is accessible to everyone.
E-mail:
URL: https://www.orbspace.com/
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