Space underwriters booked profit in 2022, but their relevance in a LEO-focused market continued to decline

by Peter B. de Selding

PARIS — Space insurance underwriters booked their third consecutive year of profit in 2022, with market capacity and premiums appearing to stabilize after losses in 2018 and 2019 led some underwriters cut their capacity or quit the market altogether, causing an uptick in premium rates after 15 years in free-fall.

But 2022's positive results — $579 million in premium income against $294 million in insured losses — show the continued reduction of insurance as a factor in the market as many operators of satellites in low Earth orbit, where the market dynamism is, do . . .

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