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The term “NewSpace” is often used within the space industry to define an approach that is focused on lowering the barriers of entry into the industry, by providing cheaper and often quicker access to space (Rocket labs with their launchers and AAC Clyde Space with their cubesats are small examples of this). This in turn provides more high-quality and affordable data from space that can be put to use in a timelier fashion, for the ultimate benefit of the end user.
To achieve this, NewSpace has forced people to think outside of the box, fuelling innovation (such as 3D-printed parts, software-defined satellites, and the extended use of Commercial Off-The-Shelf (COTS) components/products).
One of the major characteristics of the NewSpace era is the fundamental shift from an industry which was heavily dependent on government agencies (and taxpayers’ money) to a more agile and independent private sector that relies on innovation, working with much smaller budgets than the more traditional space industry.
With the advent of nanosats, cubesats and launchers specifically designed for these small satellites, access to space is dramatically simplified in term of cost and time to launch. This is driving a significant evolution in the industry as it allows satellites to be used to test technologies and missions, deliver proofs of concept, rapid prototyping etc.
Both the manufacturing of satellites and launchers but also their procurement and operation is evolving, challenging past norms and standards.
As a result, we have seen launches with close to 100 small satellites being deployed, whilst constellations with thousands of satellites are being deployed with what will become hundreds of launches. This poses several challenges to the insurers, who (i) cannot afford to study each satellite due to the low values involved; (ii) have no way to distribute the insurance product to potentially thousands of clients outside the normal space ecosystem; (iii) struggle to provide a product to meet the clients’ risk mitigation requirements which typically do not respect traditional insurance class dividing lines; (iv) would not be able to manage a high number of policies and potentially ensuing claims.
The Bifrost facility – a multi-risk, multi-mission insurance facility for the NewSpace segment.
Aesir has developed the Bifrost facility to respond to the emerging NewSpace market.
In Norse mythology, Bifrost was a rainbow which connected the realm of humans with the realm of the gods. For us, Bifrost is an insurance facility which seeks to enable and assist NewSpace initiatives to succeed by providing an efficient means of mitigating a broad range of risks which most projects face.
The Bifrost facility achieves this through the following principles:
Bifrost is an annual facility accepting any number of declarations, each declaration typically being for a project across a range of perils, including AIT, pre-launch, Launch and In-Orbit as well as associated liabilities. Bifrost includes predefined rates and automatic acceptance of declarations which fall within pre-agreed limits.
For some examples of how Bifrost has been deployed, click here.
Aesir Space Factsheet
Morten has over 20 years of risk management experience in the space industry and over 15 years in the insurance market. His technical knowledge gives Aesir Space a unique perspective on the space insurance market.
During his underwriting career, he was Founder and Managing Director of ViVet Limited, an MGA focused on space, aviation and energy. He was also UK Branch Manager at Glacier Insurance (now Starstone Insurance) and a Space Underwriter at Assicurazioni Generali.
His risk management credentials stem from his work as Group Risk & Insurance Manager at EADS Astrium Satellites (now Airbus Defence and Space) starting his career as a Reliability engineer on LEO meteorological satellites.
James has over 14 years of technical experience spanning all aspects of the small satellite sector. He has held numerous senior engineering roles across all functional aspects of the technology, giving him a unique insight into satellite capabilities right down to the individual component level.
Prior to joining Aesir Space, James worked at a leading commercial small satellite company. Most recently, he was Head of Avionics for the Project Engineering Division, managing outputs across various functional areas including on-board data handling, global navigation satellite systems, Attitude and Orbit control subsystem, and RF.
During his 14 years at the firm, James was also Head of Electrical Engineering, Electrical Engineering Group Leader and On-Board Data Handling Team Leader. He joined the firm in 2004 as Senior Hardware/Software Development Engineer.