New Delhi, India, April 23, 2021: Global insurance major, AXA XL Insurance has established a global partnership with SpaceAble, a start-up specialising in Space Situational Awareness (SSA), to better support satellite operators and organisations operating in space.
Based in France and a leading European SSA service provider, SpaceAble’s mission is to enhance operational safety in Low Earth Orbit (LEO) through the collection and management of space-related data and modelling.
Through this partnership, AXA XL will have access to SpaceAble’s solutions, including ISSAN, a LEO data collection and secured web-based platform. These solutions, combined with AXA XL’s underwriting and risk management expertise, will allow AXA XL to further enhance its insurance solutions for satellite operators.
According to Chris Kunstadter, Global Head of Space at AXA XL, “According to industry reports, commercial launch costs to LEO have been reduced by a factor of 20 over the last 20 years. This, combined with significant investment and development in smaller satellites, means that the LEO economy will continue to grow considerably over the next decade, making it a strategic area of focus for satellite operators and space insurers.”
Denis Bousquet, Global Chief Technical Officer, Space Insurance at AXA XL, added: “In space, just as on earth, sophisticated risk management begins with quality data. Partnering with a cutting-edge company such as SpaceAble, that shares our vision and has deep expertise, is a key milestone for our space insurance business.”
Julien Cantegreil, Chief Executive Officer of SpaceAble, commented: “We are proud to have partnered with AXA XL, a leading global provider of space insurance. This collaboration will allow us to refine our offering and to co-develop new solutions for insurers and satellite operators. Together, we will play a key role in increasing operational safety in LEO and, more broadly, in shaping the future of space environment.”