The claim will be one of the largest losses to hit the niche space launch insurance market since the US$400Million claim that arose from the failure of the Intelsat-27 satellite and its launcher in 2013.
The total loss of the Vega launch vehicle and its payload is likely to cost in the region of US$400 – $415Million. The launch which took place on 10 July, involved a European-made Vega launch vehicle carrying the Airbus-built FalconEye1 military surveillance satellite for the United Arab Emirates government – the accident happened shortly after the un-manned rocket took-off from the Guiana Space Center in South America.
The launch policy for operator Arianespace is understood to have been placed with Atrium Syndicate 609 leading a Lloyd’s of London consortium for space risks called the Atrium Space Insurance Consortium (ASIC) together with other major space (re)insurers including Munich Re, Swiss Re, Axa XL, Allianz Global Corporate & Specialty subsidiary SpaceCo, CV Starr and Scor.
Aerosure are very proud to provide continued support as Platinum Sponsor of the Aviation Law Association of Australia and New Zealand Ltd (ALAANZ) Annual Conference 2019.
This years ’Global Influences on Australasian Aviation’ Conference will take place in Melbourne from Wednesday 1st May – Friday 3rd May 2019 at the Pan Pacific Hotel in Melbourne.
To find out more about the conference and to register, including booking accommodation, please visit the conference website at the following link: www.etouches.com/ehome/alaanz2019
We look forward to seeing you in Melbourne!
The event will be held at the Sheraton Grand, Danang Resort from 12 to 15 March, 2019.
For registration and further details please click here: 17th annual Aviation Conference
As in previous years, there will be expert speakers from across the aviation and insurance industries to share their insights. They will also be discussing the latest emerging risks and trends and the challenges and opportunities that these can bring to organisations.
In recognition of a commitment to bringing greater access to varied thinking, alternative solutions and further clarity relating to the risks faced by the aviation industry, Willis are pleased to be hosting the following speakers, with further experts to be revealed in due course:
- Futurologist David Smith, Chief Executive, Global Futures and Foresight Ltd.
- Global intelligence specialist John Raines, Head of Political Risk, Economics & Country Risk, IHS Markit
- BBC television news journalist and presenter – Clive Myrie
- Insurance and reinsurance expert Angela Kelly, Country Manager Singapore and CEO Lloyd’s of London (Asia) Pte Ltd.
Conference places are limited and registration will be closing on 8 February 2019 so please register now to secure a Willis Towers Watson discounted room rate.
Please also note that the Sheraton Danang has a limited number of rooms so we would recommend that those who wish to be in close proximity of the event, should book their rooms as early as possible. The rooms will be available on a first-come-first served basis.