Japan plans of space tourism insurance by 2030: Report

The plan is to provide coverage for injuries and other issues that could arise during space travel, akin to conventional travel insurance policies.

Japan's Mitsui Sumitomo Insurance is collaborating with ANA Holdings, H.I.S., and other partners to develop insurance coverage for space tourism, aiming to have products available by around 2030. This initiative reflects the growing interest and advancements in commercial space travel, reported Nikkei Asia.

Initially, the insurance coverage will target suborbital flights, which involve a brief journey into outer space before returning to Earth. These flights are currently being offered by several U.S. companies but lack insurance coverage. Typically, participants in these flights have to sign consent forms acknowledging the inherent risks.

READ MORE: Space tourism insurance envisioned by Japan's Mitsui Sumitomo

Mitsui Sumitomo Insurance is working with 17 companies, including ANA Holdings and H.I.S., to develop this insurance policy. ANA's insights into rocket flights and maintenance and H.I.S.'s potential future involvement in space tourism are particularly notable. Japanese electronics group NEC's expertise in telecommunications technology is also crucial to this partnership.

The plan is to provide coverage for injuries and other issues that could arise during space travel, akin to conventional travel insurance policies. A significant concern is addressing health problems that might result from exposure to radiation during space journeys.

ALSO READ: JFTC storms four big Japanese insurers for alleged cartel behaviour: Report

By offering insurance for space tourism, Mitsui Sumitomo aims to contribute to the growth of the space industry. Suborbital flights are currently expensive, but there's an expectation that costs could decrease significantly by the late 2020s, making space tourism more accessible.

The insurer is also looking at the possibility of longer, multiday space trips in the future. Accumulating expertise and knowledge in space tourism insurance is a key objective, aligning with the anticipated advancements in this sector.