Mitsui Sumitomo reveals intentions to create insurance for space travel.
Sumitomo Chemical India Share Price: $100,000 Now
To create insurance products for space tourism, Mitsui Sumitomo Insurance is working with travel agency H.I.S., All Nippon Airways (ANA) Holdings, and other partners. By 2030, these products should be on the market, with a primary focus on suborbital travel.
Several American operators currently offer suborbital flights, which take a brief trip into space before landing back on Earth. These flights do not currently have insurance coverage, and participants must sign consent forms recognizing the risks involved.
According to a Nikkei Asia report, in order to create a policy tailored to these flights, Mitsui Sumitomo Insurance has enlisted the assistance of 17 businesses from a variety of related industries. ANA is one of the partners, which could provide
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proficiency with rocket launches and maintenance, as well as H.I.S., which could eventually bring space tourism goods. The initiative also involves the Japanese electronics group NEC, which is well-known for its proficiency in telecommunications technology.
The purpose of the proposed insurance plan is to provide coverage for potential problems and injuries that policyholders may experience while in space.
The health issues that could arise from radiation exposure while in space are a major worry.
Mitsui Sumitomo Insurance’s initiative is perceived as an attempt to assist the emerging space-related industries.
Suborbital flights currently cost hundreds of thousands of dollars, which limits access to a very wealthy clientele. It is anticipated that by the late 2020s, prices will fall below $100,000.
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In the long run, Mitsui Sumitomo Insurance is taking into account insurance policies for multi-day space voyages in addition to short-term travel.
While keeping an eye on how space travel and tourism are changing, the company is concentrated on developing knowledge in insurance policies related to space tourism.
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