Price Forbes and Sino attend the Agencia Espacial Brasileira
06 February 2020
Price Forbes and Sino Insurance Brokers were exclusively invited by the Agencia Espacial Brasileira (AEB) to attend their 3rd Space Industry Forum in Sao Jose dos Campos, Brazil. Part of our recently launched Space offering, Miguel Calvete, Director of Space at Price Forbes, Yiqing, from Sino insurance brokers, met with important industry stakeholders from various backgrounds including space agencies, commercial entities and individual delegates, discussing the increasing involvement of Space in everyday lives.
The Space industry has moved well beyond its formative life as an exclusive battlefield in the Cold War. Today satellites and their applications are woven into the fabric of everyday life. Nowadays the Space Economy engages launch vehicles´ hardware and software, satellites, ground equipment and applications’ sectors. Using satellite data and images makes it possible to create solutions on remote sensing, communications, meteorology, positioning and navigation systems and data collection.
Digital processing of images and other data now constitute the most lucrative ground segment of the space industry. The information from this processing helps in a range of applications, from disaster recovery – authorities can ascertain the extent of environmental hazards (which is frequently used by insurers today too) – to topography, GPS and everyday telecommunications.
As the industry is increasingly disrupted by the use of cheaper, off-the-shelf technology, more and more entities and indeed non-traditional space nations are seeing access to space become easier. One of the consistent themes since commercial entities have become involved is the availability of a specialist insurance marketplace which understands and caters for the exclusive risks associated with space operations. With numerous hubs around the world, insurance now frequently forms an integral part of any space project.