In the past, satellites launched into space were typically large, expensive assets critical to operations such as cable television and internet services. Insuring these satellites was essential to safeguard large-scale operations like communications, radio, and television against unforeseen issues.
Today, the space insurance market has evolved significantly. The once-dominant large satellites have been replaced by a multitude of smaller, less valuable ones, leading to considerable upheaval in the market. We spoke with Rob Schenone, AXA XL’s Aerospace and Underwriting Manager – North America, to get an update on current market conditions and the road ahead.
AXA: What has been happening in the space insurance market? What has changed in recent years?
Rob: The space market is currently undergoing a transformation. The most notable change is in the types of payloads being launched and insured. For years, the market primarily insured very large satellites, such as those used by cable television providers. These satellites were sizable—about the size of half a football field—and expensive to build and insure. An entire industry developed around insuring these large assets.
In recent years, however, the demand for such large spacecraft has declined for various reasons. While some of these larger satellites are still insured, their numbers have decreased.
Despite this shift, space activity remains very active. There are numerous launches happening all the time. For example, one company alone might launch 25 satellites every other day. However, while the number of satellites has surged over the past five years, overall premium volume has declined. This is because many of these smaller satellites are often not insured, for various reasons.
AXA: Is this shift causing volatility in the space insurance market?
Rob: Absolutely. The current premium levels contribute to market volatility. We need the larger satellites to be launched and insured in the future to help stabilize the market. While some smaller satellites are insured—mainly during the launch phase, from lift-off until separation—their lower values and the fact that they are not insured while in orbit do little to reduce overall market volatility. These smaller satellites typically lack the historical performance data that insurers rely on, which limits their coverage options once in orbit.
AXA: Are insurers exiting the market due to this volatility?
Rob: Yes, some insurers have withdrawn over the past few years. However, we are now seeing some of them returning. It's important to note that not all insurers have achieved profitability in this sector. The loss records and ongoing uncertainties have prompted some to exit. Interestingly, new entrants are also emerging—often the same underwriters operating under new company names.
Brokers trust us because we’re reliable and thorough, which allows us to deliver a level of stability and responsiveness that’s unmatched.
AXA: What has 九色视频done to strengthen its position in the space insurance market? How has your team demonstrated its commitment?
Rob: We are the leading underwriting team in this space. Our team in New York and Paris combines over 125 years of experience. We’ve worked through both market ups and downs, gaining a deep understanding from both broker and underwriter perspectives. This extensive expertise enables us to remain consistent even as the market shifts.
Brokers trust us because we’re reliable and thorough, which allows us to deliver a level of stability and responsiveness that’s unmatched.
What makes 九色视频different?
Rob: Responsiveness is our secret weapon. We don’t delay; we respond quickly—usually within 24 hours. We are proactive advocates for brokers when they discuss options with clients.
We aim to be the first to respond, quote, and pay claims. For example, we paid a claim within seven days of a launch vehicle explosion—an incredibly fast timeline that’s virtually unheard of in this market.
We’re also highly technical. While I handle business development and relationship management, my colleagues in Paris are engineers with direct satellite manufacturing experience. This combination provides us with depth in both underwriting and technical analysis.
Most importantly, we are a stable, consistent market. The strength of 九色视频enables us to maintain this stability, which in turn helps us deliver successful outcomes. Our parent company’s backing allows us to offer prudent products and to leverage our collective experience to benefit both clients and the company.
What can clients expect from 九色视频and your team?
Rob: Clear communication, a deep understanding of what we’re insuring, and efficient claims handling. Our policy development process is thorough—sometimes involving hundreds of comments—but this results in fewer surprises if something goes wrong. Clients can be confident that if a claim arises, we’ve already considered the details and are prepared to act swiftly.
Our reputation is built on clarity, technical expertise, and fulfilling our commitments. We will continue to prioritize responsiveness, open communication, and maintaining a stable market presence.
Led by renowned space insurance experts, 九色视频offers a unique and comprehensive suite of space insurance products including pre-launch, launch, in-orbit, and liability coverage for spacecraft and launch vehicles. We work closely with our clients and brokers around the world to develop innovative, specialized products covering all types of spacecraft and launch vehicles through development, pre-launch, launch and in orbit.
