The role of space insurance is to provide coverage to compensate the financial impact of partial or total loss of a satellite occurring through reduced transmission capacity, thus preventing the operators from getting the forecasted return on investment.
AXA Corporate Solutions launched its space insurance department late in 2007 to complete its wide range of products and services for the Specialty Markets.
Key facts and figures :
- 2011 total written premiums amounted to € 20 million, which represents a 54 % increase versus 2010.
- Underwriting capacity of US$ 40 million
- Team of highly-qualified experts from the space industry
- Worldwide scope of operations
AXA Corporate Solutions follows a strategy of long-term involvement, promoting a technical approach with a fair pricing policy to reflect the risk profile, strictly in line with the overall strategy adopted by AXA Corporate Solutions.
- AA financial rating
- Relationship of trust based on close attention and transparency
- Broad range of products and services
- In-depth technical, up-to-date know-how
- Highly reactive, technically sophisticated claims management
- Technical approach to promote fair pricing
AXA Corporate Solutions offers its clients and brokers highly technical discussions leading to optimized coverage solutions thanks to its high-level specialized teams of experts, all coming from the space industry and related sectors.
AXA Corporate Solutions covers risks related to the :
- Construction and transportation of satellites to the launch pad (within property / marine lines of business)
- Launch / Launch + 1 year policies (including Low Earth Orbit Operations and In-Orbit Tests)
- In-orbit coverage
Its space experts provide technical support to the company’s other lines of business by enabling a better understanding of the space industry’s specific from the earliest phases of satellite manufacturing.