AXA XL and SpaceAble join-hands for satellite insurance

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New Delhi: Insurance major AXA XL and SpaceAble – a France based startup have formed a global partnership. The space startup specializes in Space Situational Awareness (SSA).

Under this tie-up between AXA XL and SpaceAble, the SSA startup will support satellite operators and organisations operating in space. And the global insurer will have access to the startup’s solutions to better its insurance covers for satellite operators.

SpaceAble’s mission is to enhance operational safety in Low Earth Orbit (LEO) through the collection and management of space-related data and modelling.

AXA XL will have access to SpaceAble’s solutions, including ISSAN, an LEO data collection and secured web-based platform. These solutions, combined with AXA XL’s underwriting and risk management expertise, will allow AXA XL to further enhance its insurance solutions for satellite operators.

“Commercial launch costs to LEO have been reduced by a factor of 20 over the last 20 years, as per industry reports. This, combined with significant investment and development in smaller satellites, means that the LEO economy will continue to grow considerably over the next decade, making it a strategic area of focus for satellite operators and space insurers,” said Chris Kunstadter, Global Head – Space, AXA XL.

“In space, just as on earth, sophisticated risk management begins with quality data. Partnering with a cutting-edge company such as SpaceAble, that shares our vision and has deep expertise, is a key milestone for our space insurance business,” added Denis Bousquet, Global Chief Technical Officer – Space Insurance, AXA XL.

“We are proud to have partnered with AXA XL, a leading global provider of space insurance. This collaboration will allow us to refine our offering and to co-develop new solutions for insurers and satellite operators. Together, we will play a key role in increasing operational safety in LEO and, more broadly, in shaping the future of space environment,” commented Julien Cantegreil, CEO – SpaceAble

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