[Satellite TODAY 12-01-09] Space insurers are expected to generate more than $400 million in profit for 2009, according to a statement released Nov. 30 by Aon International Space Brokers, a specialist risk adviser in this sector.
     Aon said growth will lead to “more competitive premiums for satellite operators in the new year as the capacity for space risks continues to increase.” However, the $400 million figure is dependent on there being no more claims before the end of the year.
    In 2009, more than $800 million of premiums is expected to be paid for all-risks launch and in-orbit insurance. The third quarter of 2009 saw five major insured launches (two Ariane 5s, two Protons and one Long March 3B — of which ISB were involved in four), which generated an estimated $154.6 million of premium income for the space insurance market, according to Clive Smith, Aon’s space business unit leader.
     “Demand for satellite communication capacity continues to grow, from delivering broadband and television to surveying the earth for pollution, resources and disaster monitoring. The recession made it more difficult for some operators and particularly new projects to raise capital, but, nevertheless, there are a number of interesting projects that are still progressing well. The health of the insurance industry means it is well positioned to support satellite programs by providing sufficient capacity to satisfy investor requirements,” said Smith.