"Bezos and Branson, Uninsured Space Tourism Without Travel Insurance"

"US International Flights Require Travel Insurance... Space Tourists Likely to Be Included"
Although Allianz First Introduced It in 2012, Actual Sales Have Not Occurred

[Image source=Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] As Jeff Bezos, the founder of Amazon, and Richard Branson, the British billionaire and chairman of Virgin Group, both known to be planning the first space tourism trips, are reportedly set to travel to space without insurance, foreign media have reported that the controversy over uninsured space travel is growing in the United States. Since the U.S. mandates travel insurance for airline passengers, it is pointed out that space tourism should not be an exception. It is also expected that insurance companies will begin developing products in preparation for the activation of space tourism.

On the 10th (local time), The New York Times (NYT) reported, citing insurance industry insiders, that Branson and Bezos did not purchase travel insurance. Currently, U.S. law requires all passengers on domestic and international flights to have insurance, so controversy is anticipated, NYT said.

The Virgin Galactic spacecraft, scheduled to launch on the 11th from New Mexico, will carry a total of six people, all of whom are Virgin Galactic employees including Branson. Previously, Virgin Group stated that passengers traveling to space would sign documents agreeing that they bear full responsibility for safety. NYT pointed out, "Virgin Galactic’s flight reaches an altitude of 88 km, which is outer space, but from an insurance perspective, it is similar to a domestic flight."

The insurance industry expects authorities to intervene in the insurance enrollment issue for space travelers as well. Under U.S. domestic law, it is nearly impossible to transfer 100% of the responsibility for passenger injury and life, so it is explained that new regulations will be established.

The insurance industry is also expected to accelerate the development of products for space travelers in preparation for the activation of space tourism, using Branson’s and Bezos’s flights as a signal. According to the British insurer Lloyd’s, the space-related insurance market has grown to about $500 million (approximately 574.2 billion KRW) annually, but this amount reflects sales of products to cover damages to satellites and rockets, and insurance products for passengers have not yet been properly developed. Previously, in 2012, Germany’s Allianz was the first in the industry to launch a product for space travelers, but it is known that it was not actually sold.

This content was produced with the assistance of AI translation services.