Japan's top nonlife insurance firms, including Mitsui Sumitomo Insurance, are venturing into space insurance, betting on its potential as a significant revenue stream, according to a Nikkei report. As part of MS&AD Insurance Group, Mitsui Sumitomo set up a dedicated section for space insurance in April, leveraging its established experience in the field as the first insurer to underwrite a space project in Japan almost 50 years ago. The company seeks to connect Japanese space operators with London underwriters and provide clients with up-to-date news from the global insurance community. The growing commercialization of space activity is fostering demand for bespoke insurance solutions that minimize economic risks and support various aspects, such as satellite constellations, space debris removal, and commercial space stations.
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