Crashed Spaceship Insured for $40-50M: Report | Canadian Insurance

Crashed Spaceship Insured for $40-50M: Report

Virgin Galactic crash was second space incident in a week

A Virgin Galactic spaceship, which crashed last week in California, killing a test pilot, was insured for $40-50 million, according to a report from Reuters.

Read: How the Insurance Industry is Pushing Commercial Space Travel Upward

Sources told the news agency that AIG was the lead underwriter, and JLT confirmed that it was Virgin’s broker.

Read: Space Tourism is Taking Off—and Insurers Are Getting On Board

The National Transportation Safety Board is still investigating the crash, and has not yet determined the cause.

The Virgin Galactic crash was the second hit to space exploration last week. A few days earlier, an Antares rocket built by Orbital Sciences exploded just seconds after liftoff.

Sources told Reuters the rocket was insured for about as much as the Virgin Galactic craft.

Follow us on Twitter at @CITopBroker for more of the latest news