Launching rockets into space is risky and expensive, as a space insurer you would be providing cover for spacecraft and satellites in case something was to go wrong, covering space vehicles throughout their life.
Space insurance is vital to any mission and is required before any rocket can launch.
Insurance is provided to cover three main risks:
- Relaunching the space vehicle if it fails to launch
- Replaying it if it is destroyed, incorrectly positioned in orbit or falls out of orbit
- Liability for damage to third parties caused by the space vehicle
The first satellite that was insured was the ‘Early Bird’ satellite Intelsat I, the first commercial communications satellite, to cover any physical damages during pre-launch.
Working within space insurance can be very exciting often providing you with the opportunity to visit the facilities in which the space vehicle is being built but also the potential to attend launches.
Skills of an insurer
- Team Working skills
- Customer service skills
- Basic mathematical and analytical skills
- Communication and negotiation skills
- IT skills
Routes into space insurance
To work as as an insurer in the space industry it is not necessary that you studied a scientific or mathematical degree, however the mathematical and problem solving skills acquired from these subjects would be advantageous. You could also pursue a degree in accounting or business which would give you the skills required to be an insurer. To become a chartered accountant you would need to complete a series of exams such as the ACA or SEMA. You could also enter this profession through an apprenticeship, learning the the skills specific to the job while working within a company.