JAXA & Mitsui Sumitomo Insurance to Collaborate on Expanding Aviation Insurance Business – Parabolic Arc

TOKYO (JAXA / Mitsui Sumitomo Insurance Co. PR) –– Sumitomo Mitsui Marine Fire Insurance Co., Ltd. (President: Shinichiro Funabuchi) of MS & AD Insurance Group and the Japan Aerospace Exploration Agency (JAXA, Chairman: Hiroshi Yamakawa) want to create space-related products with new ideas. Under the “JAXA Space Innovation Partnership (J-SPARC)”, we started the production activities related to the “Space Travel Insurance Business” in July 2022.

Details of co-production activities

Meanwhile, air travel insurance has not yet arrived. The reason is nothing but the small number of astronauts. In such circumstances, the year 2021 was called “the first year of space travel,” and for the first time in history, the number of astronauts exceeded the number of astronauts. As space travel by various means has been accomplished or planned, space travel insurance that meets the requirements is needed. Sumitomo Mitsui Marine and JAXA are coordinating activities related to the “development of space travel insurance products” and “supporting the development of the space travel market”, and the creation and distribution of the “space travel insurance” that is needed now. It increases the peace of mind of space travel and contributes to the development of the human economy.

Development of aviation insurance products

” There are different types of “space travel”, such as trips to an altitude of about 100 kilometers, trips around the Earth for several days, and some kind of trips to stay on the International Space Station (ISS). there is. We will carry out joint production activities related to the development of the best travel insurance based on the needs and risks of each business together with the businesses that want to achieve them.

Support for expanding the space travel market

In an era where everyone can go to space easily and comfortably in cooperation with companies involved in the business of space transportation such as airports, aerospace companies, and travel agencies. We will support and help develop the necessary market.

Mitsui Sumitomo Insurance has set up insurance agents in the outer space since 2015, invested in the “Space Frontier Fund” established by Sparks Group Co., Ltd., and created monthly insurance to cover the risk of landing ships on a monthly basis. We are actively involved in the space sector. Using that knowledge and experience, in this joint venture, based on what JAXA offers and the needs of the corresponding industry, we better and more accurately understand the risks associated with space travel and create the best insurance. Action.

JAXA is celebrating the 30th anniversary of Astronaut Mamoru Mohri’s first ride in the Space Shuttle, and based on the space activities collected during that time, it can be done during training, launch, stay on the ISS, and return. It provides information about events and things to expect. In addition, through this joint production project, we will have experience in understanding the risks that may occur and the methods of evaluating the amount of insurance that are implemented in the insurance industry and use it as a place for people.

Through this creative project, Mitsui Sumitomo Insurance and JAXA aim for “SPACE FOR ALL-a time where everyone can go to space with peace of mind” by creating the right travel insurance.

JAXA Space Innovation Partnership (J-SPARC)

J-SPARC starts with a dialogue between private businesses interested in doing space business and JAXA, and with the commitment of both of them in business, they jointly evaluate the business idea and come out. This is a program to create new businesses by developing and demonstrating sustainable technology. Since May 2018, we have been supporting more than 30 projects and activities so far.