Munich Re Among Insurers for Failed Vega Rocket, UAE Satellite

Source: Reuters | Published on July 12, 2019

3D rendering of a satellite orbiting the earth with illuminated cities at night. Map From: http://planetpixelemporium.com/earth.html Software for rendering: https://www.blender.org

Munich Re is one of the insurers for the European Vega rocket, which failed after take-off on Thursday, destroying a military observation satellite about to be placed in orbit for the United Arab Emirates, a Munich Re spokesman said.

The combined insurance policy for the rocket and satellite totaled 369 million euros ($415.57 million) and is the largest ever space insurance loss, said David Todd, head of space content at satellite analysis firm Seradata.

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