Japanese ispace hires "space insurance" for your mission to the moon

Japan’s Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, has entered into an agreement with lunar exploration company ispace to offer the world’s first lunar insurance. According to a statement published by ispace, the insurance will cover the risks of the company’s first mission to the Moon, with coverage from the launch of the rocket to the landing of the module on our natural satellite.

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The signing of the agreement is the result of the Memorandum of Understanding signed between the companies at the beginning of the year. Under the new agreement, insurance coverage includes the Falcon 9 rocket that will carry the payloads and establish communication and data transmission between the lander and the mission control center after landing on lunar soil.

The ispace Hakuto-R lander will carry different payloads to the Moon (Image: Playback/ispace)

Through its Mission 1 (M1) mission, ispace wants to take the Hakuto-R lander to the Moon, which will be with the Rashid 1 rover, from the United Arab Emirates, a small robot from the Japanese space agency JAXA, among others. The mission would have been launched in early November, but ended up being postponed until the end of the month.

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In its statement, ispace highlighted the importance of insurance for M1. β€œBeing assessed as a company with a reliable technology and business model by the international space insurance market, ispace will use the policy on its first mission,” they said.

In the future, ispace plans to expand the scope of insurance coverage, to deepen the commitment to promote the development of this and other initiatives that contribute to the creation of a cislunar ecosystem.

Read the article on Canaltech.

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