Share My Space and Hiscox unite to mitigate collision risks
Share My Space announced a collaboration through a Memorandum of Understanding (MoU). This partnership aims to enhance cooperation in the space industry and tackle the challenges posed by the increasing number of satellites and collision risks.
As the number of derelict satellites, operational assets and debris continues to soar in orbit, the risk of catastrophic collision keeps skyrocketing. Recognizing the urgent need to protect and insure against critical risks, Share My Space and Hiscox are joining forces to shield space assets from increasing perils. Together, they will enhance space safety by utilizing Share My Space's advanced capabilities in tracking and monitoring space objects. Hiscox will leverage this data to provide more accurate risk assessments and customized insurance solutions. This collaborative approach will minimize costly accidents and their impacts on the space environment.
Share My Space and Hiscox will work together to address the lifecycle of space operations; from the critical Launch and Early Operation Phase (LEOP) to the Operational Phase. By adopting a holistic approach, vulnerabilities of satellites during critical phases are reduced, safeguarding valuable assets and diminishing financial risks for space operators.
Share My Space and Hiscox leverage their strengths, expertise, and resources to address the complex challenges of space debris and collisions. This approach sets a precedent for future collaborations between technology providers and insurance companies, fostering innovation and resilience across the industry and beyond.
Pascal Lecointe, Space Line Underwriter at Hiscox, said: “We are delighted to partner with Share My Space. The preventative steps we are taking today will create a safer space environment for the future. I have no doubt that with our combined experience and knowledge, the work we are starting today will contribute towards a more sustainable Space development.”
Romain Lucken, CEO and co-founder of Share My Space asserted " Share My Space is thrilled to embark on this groundbreaking adventure with Hiscox. Our joint endeavour will fortify the space industry by enabling space operators to navigate in orbit with high confidence and enhanced security. Insurance products for space missions play a key role to secure long-term investments, especially as the space sector becomes more mature. Our partnership with Hiscox will create on the market a new comprehensive approach of collision risk management that includes both risk mitigation and coverage.”