The space and satellite insurance sector saw its third consecutive year of profits after losses in 2018 and 2019. Profits were impressive, with $579 million (534 million euros) in premiums paid and helping to offset losses and claims of $294 million.

    However, the industry is not tapping into the rapidly growing low Earth orbit market, as SpaceX does not insure its rockets for its own Starlink launches (or the satellites themselves).

    Industry data compiled by AXA XL indicates that some 2,500 satellites were launched last year, 1,730 of which were Starlinks. Of the 770 other boats launched, only 340 were actually insured (44%).

    Net profits in 2022 were good, as were bonuses paid, but the $579 million paid in bonuses is well below the typical annual amounts of C$750 million paid during the 2001-2014 period.

    But 2022 was also an extraordinary year as SES and Intelsat launched their replacement C-band fleets โ€“ which were insured.

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