Thursday, November 10, 2016

"SpaceX Explosion Satellite Loss to Cost Insurers $196m"

SpaceX has been mum on insurance coverage for the rocket. as we noted back in September:
"Back to the insurance question, in the past SpaceX has used Aon International Space Brokers as the brokerage but as to the underwriters it's guesswork".
From Artemis:
According to a filing on the Tel Aviv Stock Exchange, the insurance claim for the destruction of an Amos 6 satellite, owned by Israel based company Space Communications, will total $196 million, perhaps lower than some of the initial loss estimates.

As Artemis wrote just over a week ago, the failure and explosion on the launch platform of a SpaceX rocket with its satellite payload was estimated that it would cost insurance and reinsurance capital providers between $260 million and $300 million, with at least one ILS fund set to pay some of the bill.
Now, Space Communications has disclosed that it is set to receive a $196 million insurance payout from the company that constructed the Amos 6 satellite, Israel Aerospace Industries (IAI).
Insurers are expected to pass the $196 million to IAI later this month and the payout is expected to go straight on to Space Com. The insurers will be calling on reinsurance capital to support the payout, it is assumed.
We understand that the $196 million is the replacement cost for the satellite, so likely a result of the pre-launch insurance provided by the marine and cargo specialty insurance and reinsurance sector. Whether it reflects the total loss due to the SpaceX explosion is uncertain at this time.

It’s understood that IAI held a pre-launch “all risks” policy, which is the one paying out to compensate Space Com for the lost satellite...MORE 
Sept. 1
A Bad Day For Elon Musk and His Insurers (TSLA; SCTY)
Sept. 6
SpaceX Isn't Disclosing Its Insuance Coverage For Recent "Unintentional Ignition"
Sept. 12 
SpaceX and The Business of Insuring Stuff That Blows Up