What:
Battleface is known for providing travel insurance, including covering adventurous spirits, and has launched insurance for space tourists.
Why:
While space tourism is still in its infancy, several hundred space flights have been sold to ‘civilians’ and demand is growing. This type of product provides people with the confidence to fulfill their dreams.
How:
- The new policy is a bespoke offer with benefits available including accidental death and permanent disablement.
- Underwritten by certain Underwriters at Lloyd’s, the policy can be valid for any of the space flights operated by Tesla Founder Elon Musk’s SpaceX, Amazon CEO Jeff Bezos’s Blue Origin, Richard Branson’s Virgin Galactic, and high-tech balloon manufacturers Space Perspective among others.
- Lloyd’s already has an innovative insurance solution for the emerging private spaceflight industry and a space consortium from where they have developed straightforward, scalable insurance for all aspects and phases of new technological advancements and projects in the space travel sector.
- According to a Lloyd’s report, they anticipate that this dynamic industry is set to grow to be worth $1 trillion by 2040, driven by private companies entering the sector, which will generate a significant number of new jobs and capabilities in the emerging space tourism industry.