SpaceX brings space tourism into the limelight

Space tourism

Successful shuttle launch highlights insurance coverage California-based Space Exploration Technologies, commonly known as SpaceX, successfully launched its Falcon 9 rocket carrying its Dragon spacecraft into orbit this week. The launch marks the first time a commercial company has made an attempt to send a spacecraft to the International Space Station orbiting the planet. Since the U.S. retired its spacecraft fleet, space exploration has become a commercial province. As such, it has also become an attractive industry for insurers looking to expand their business. SpaceX’s launch, for instance, was not short…

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Space travel insurance policy available from Allianz in 2012

In an effort to be the first in the industry to take advantage of the upcoming wave of “ordinary astronauts” who will be taking the first commercial trips into space next year, the German insurance giant, Allianz, has announced that in 2012 it will begin selling space travel insurance policies. The sale of these policies will align with the launch of the spaceflight company called Virgin Galactic, owned by Virgin Group’s Richard Branson. There have already been approximately 450 people who have made seat reservations with Virgin Galactic for its…

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As one door closes, another opens: NASA seeks insurance coverage for commercial space faring initiatives

 As NASA’s space shuttle program comes to an end, many insurance companies are eyeing the birth of a new commercial industry: Space tourism. Insurers have covered the space program since its inception, but now that NASA will no longer be launching expeditions into space as part of a federal project, the agency is looking to turn the program into a freelance affair. This shift toward a commercial market has got many insurers intrigued as a new opportunity for business emerges from the horizon. This week, NASA’s last official shuttle will…

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