UAE satellite causes largest ever space ins. Loss
Saturday, 07 13 2019, Category: Insurance and Reinsurance, Country: U.A.E
Munich Re is one of the insurers for the European Vega rocket which failed after take-off on Thursday, destroying a military observation satellite about to be placed in orbit for the United Arab Emirates, a Munich Re spokesman said.
The combined insurance policy for the rocket and satellite totalled 369 million euros ($415.57 million) and is the largest ever space insurance loss, said David Todd, head of space content at satellite analysis firm Seradata.