Relm Insurance, a specialist insurance company targeting emerging and innovative industries, has announced the launch of a new suite of insurance products designed for the rapidly expanding space economy.
These comprehensive offerings provide brokers and their clients with robust coverage, enhancing technology business resilience at every stage from initial development to market establishment.
Building on its existing next-generation rocket and spacecraft launch and on-orbit coverage capabilities, including constellation coverage, Relm has launched two new specialty products: OMEGASPACE and NOVASPACE.
OMEGASPACE is a comprehensive financial, professional and cyber technology policy for businesses using space-based signals, data and analytics.
Relm also opens the SIGMA product suite to the space economy. SIGMA offers up to nine types of coverage, including fiduciary and criminal management liability.
This comprehensive suite allows complex businesses to conveniently purchase all critical coverage in one place.
“Traditional insurance models take on siled risks. In space, that doesn’t work. There are overlapping risks in hardware, software, launch and data,” said Andrew Bonwick, vice president of product development at Relm.
“With OMEGASPACE, NOVASPACE and SIGMA, we’ve built products that reflect how companies actually operate. This makes it easier for brokers to build protection that suits their clients’ realities.”
He added: “Our goal is to make insurance an enabler of progress. If a company adds new payload capabilities or downstream data services, its insurance coverage can evolve without friction.”
These products are Relm’s response to the industry’s need for resilient solutions. The aerospace industry is currently worth over $630 billion and is predicted to reach $1.8 trillion by 2035.
Within those figures, consulting firm McKinsey expects the backbone of the space economy – on-orbit services such as satellites, launches and ground stations – to grow at twice the rate of global GDP, from about $330 billion in 2023 to $755 billion in 2035.
Downstream revenue, led by communications, is expected to reach a considerable scale. This rapid development translates into new risk categories, changing capacity needs, and increased opportunities to provide specialty coverage to insurance brokers and their clients.
Joseph Ziolkowski, CEO and founder of Relm Insurance, said: “We are seeing a wave of new entrants in space as companies continue to push the boundaries of data, connectivity and infrastructure.
“Revenues from launch vehicle and launch site operations alone are expected to triple from $13 billion to $32 billion by 2035. Ground station capacity is expected to expand five-fold, while satellite deployment will accelerate at an unprecedented pace. Our suite of space insurance products gives companies and brokers the resiliency they need, with risk solutions evolving as fast as the technology they support.”
