SpaceCo a subsidiary of Germanys largest insurance company which has been reinsuring domestic stellite insurance business as managed by the Indian Space Research Organisation (ISRO) for last 16 years, is now making efforts to further expand its business in the country. SpaceCo offers insurance solutions for all phases of space programmes like pre-launch, transport and launch pads.
Pierre-Eric Lys, director general, Space Co said that the Indian market has a lot of potential and the company is keen to deepen its association with existing and new insurance companies which are conducting the high tech stellite business.
The Paris based company is also planning a strategic tie-up with Bajaj Allianz to explore opportunities of underwriting space risks in the country. Mr Eric Lys said the company can provide a capacity of $54 million on each of the satellites ready for launch.
The total size of the global satellite insurance market is estimated to be over $ 850 million. From the profit or loss point of view the global market remains volatile. Speaking about the pricing he said that a satellite costing over $ 200 million has to pay 15-20 % as premium covering its launching operations.