Cover for the risk of destruction or failure of a satellite during the critical launch phase.
Launch insurance covers the risk of loss or failure of a satellite during the launch phase, from engine ignition through separation and initial positioning, sometimes extended to the first months in orbit. This phase concentrates a major share of space risk: a launcher failure or positioning anomaly can cause the total loss of a satellite worth several hundred million, in an instantaneous event with no recourse. The launch insurance market is narrow, concentrated on a few specialised insurers and reinsurers, and highly cyclical: a series of failures can exhaust several years of premiums and abruptly harden terms. Loss experience depends on the reliability of launchers, which has improved but remains heterogeneous across operators and vehicles. For the underwriter, launch insurance requires sharp technical expertise on launchers, satellites and mission profiles, as well as fine accumulation management, several satellites possibly lost on a single shared flight. It is the historical and most mature segment of space insurance.
The explosion of a launcher carrying a telecommunications satellite worth hundreds of millions triggers launch insurance, in an instantaneous total loss.
launch insurance, assurance de lancement, assurance lanceur