TOKYO (JAXA/Mitsui Sumitomo Insurance Co. PR) –– Sumitomo Mitsui Marine Fire Insurance Co., Ltd. (Chairman: Shinichiro Funabuchi) of MS & AD Insurance Group and Japan Aerospace Exploration Agency (JAXA, Chairman: Hiroshi Yamakawa) aim to create space-related businesses with new ideas. Under the “JAXA Space Innovation Partnership (J-SPARC)”, we launched co-creation activities related to “Space Travel Insurance Business” in July 2022.
Details of co-creation activities
Currently, insurance for space travel is not yet in full swing. The reason is none other than the small number of space travelers. Under such circumstances, 2021 has been called the “first year of space travel”, and for the first time in history, the number of space travelers has exceeded the number of professional astronauts. Now that space travel by various means has been made or proposed, space travel insurance that meets the needs is required. Sumitomo Mitsui Marine and JAXA are co-creating business related to “space travel insurance product development” and “supporting the expansion of space travel market“, and creating and disseminating “space travel insurance” which is now necessary. It adds peace of mind to space travel and contributes to the expansion of the economic sphere of mankind.
Development of space travel insurance products
There are different types of “space travel”, such as excursions aiming for an altitude of about 100 km, trips that circle the earth for several days, and stay-type trips that stay at the International Space Station (ISS ). there is. We will conduct co-creation activities related to the development of optimal space travel insurance based on each need and risk with companies aiming to realize them.
Support for the expansion of the space travel market
At a time when everyone can easily and comfortably travel to space in collaboration with companies involved in space travel-related activities such as spaceports, manned spacecraft development companies and travel agencies. We will support and contribute to the necessary market expansion.
Mitsui Sumitomo Insurance has stationed space insurance representatives at overseas bases since 2015, invested in the “Space Frontier Fund” established by Sparks Group Co., Ltd., and developed monthly insurance to compensate for the risk of landing ships on the moon. We actively participate in the space domain. Using this knowledge and experience, in this co-creation activity, based on the information provided by JAXA and the needs of related companies, we quantitatively and qualitatively grasp the risks of space travel and design the optimal insurance. Do.
JAXA is celebrating 30 years since astronaut Mamoru Mohri first embarked on the space shuttle, and based on the achievements in human space activities accumulated during this period, it may occur during the cycle of training, launch, stay on the ISS and back. It provides information about events and things to expect. Additionally, through this co-creation activity, we will gain insights into risk understanding and quantitative valuation methods cultivated in the insurance industry and use them for manned space sojourn.
Through this co-creation activity, Mitsui Sumitomo Insurance and JAXA are aiming for “SPACE FOR ALL – an era where everyone can go to space with peace of mind” by creating insurance suitable for the era of space travel.
JAXA Space Innovation Partnership (J-SPARC)
J-SPARC begins with a dialogue between private companies aiming for space business and JAXA, and with both parties’ commitment to commercialization, jointly examines the business concept and releases. This is a program aimed at creating new businesses by developing and demonstrating oriented technologies. Since May 2018, we have so far promoted more than 30 projects and activities.