Japanese insurer takes giant leap for space insurance

This will be the first case of commercial lunar exploration insurance.

Japanese insurer Mitsui Sumitomo Insurance Co., Ltd (MSI) and lunar exploration company, ispace, inc. have signed a Memorandum of Understanding (MOU) to create what would be the world’s first-ever insurance coverage for a commercial mission to the moon’s surface.

In 2019, MSI joined ispace’s HAKUTO-R program as a Corporate Partner. At that time, MSI and ispace had announced plans to cooperate on the development of a lunar insurance service. 

The agreement between the two firms aims to lay out the terms for the insurance in the next few months leading to ispace’s Mission 1 which aims to send a lander to the moon’s surface on a Falcon 9 rocket by Q4 2022.

The insurance will cover any damages that occur during the period of the mission after the lander’s separation from the rocket in Trans-Lunar Orbit through its touchdown on the moon. Aside from protection from a failed landing, the insurance will also guard against issues such as radiation exposure as the lander travels through the Van Allen belts to its destination.

“This comprehensive insurance—from launch to landing— is another step towards our goal of realising the cislunar economy. We are pleased to be partnered with Mitsui Sumitomo Insurance, a company that is making it possible for our landers and rovers, as well as countless other industries and companies, to enter and succeed in space,” said Takeshi Hakamada, founder and CEO of ispace.

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