Second satellite loss could devastate insurance market - Techwatch Support Forums: Digital & Satellite TV, FTA, Cable, Computers, Mobile Phones, Apple and General Tech Forums

Analoguesat · 23-03-07, 10:10 AM

MILAN—Another satellite loss this year could devastate the space insurance market, warned the organizer of the prominent 14th Biannual International Space Insurance Conference in Milan today.

There has already been one insured satellite loss of $250 million of a Boeing 702 satellite when a Sea Launch rocket exploded on the launch pad earlier this year. With global space insurance premiums only totalling an estimated $500 million by the end of 2007, "a second loss would be disastrous to the market," said Benito Pagnanelli, president of space consultant Pagnanelli Risk Solutions Ltd.

Viewing the space insurance market statistics in more detail, Chris Kunstadter, vice president and senior class underwriter for space for XL Insurance in New York, part of Hamilton Bermuda-based XL Capital Ltd., said that - with a $250 million loss in the first quarter and premiums of about $200 million at the same time - the space insurance market "is on track to have a marginal year at best." The conference continues until the end of the week.

(http://www.businessinsurance.com)

BlackHawk · 23-03-07, 12:42 PM

What about the profits they have been making in the past with successfull launches? Greedy "so and so's", like all insurance companies. They like taking the money but hate having to pay out.
BH

23-03-07, 10:10 AM	#1 (permalink)
Analoguesat manic midlander retired mod Join Date: Jan 2006 Location: Scottish Borders Posts: 11,668 Thanks: 21 Thanked 1,334 Times in 985 Posts	Second satellite loss could devastate insurance market MILAN—Another satellite loss this year could devastate the space insurance market, warned the organizer of the prominent 14th Biannual International Space Insurance Conference in Milan today. There has already been one insured satellite loss of $250 million of a Boeing 702 satellite when a Sea Launch rocket exploded on the launch pad earlier this year. With global space insurance premiums only totalling an estimated $500 million by the end of 2007, "a second loss would be disastrous to the market," said Benito Pagnanelli, president of space consultant Pagnanelli Risk Solutions Ltd. Viewing the space insurance market statistics in more detail, Chris Kunstadter, vice president and senior class underwriter for space for XL Insurance in New York, part of Hamilton Bermuda-based XL Capital Ltd., said that - with a $250 million loss in the first quarter and premiums of about $200 million at the same time - the space insurance market "is on track to have a marginal year at best." The conference continues until the end of the week. (http://www.businessinsurance.com) __________________ Basic forum rules for both satellite & cable: no keys no patches no offering or asking for card shares Anyone pm'ing me for details of card sharing or anything to do with hacking cable will be banned immediately Analogue forever!!

23-03-07, 12:42 PM	#2 (permalink)
BlackHawk Satellite Help member Join Date: Nov 2006 Location: Suffolk, ENGLAND Posts: 166 Thanks: 2 Thanked 7 Times in 7 Posts	Re: Second satellite loss could devastate insurance market What about the profits they have been making in the past with successfull launches? Greedy "so and so's", like all insurance companies. They like taking the money but hate having to pay out. BH