The government committed to review key concerns and proposals raised by respondents to UK Space Agency’s consultation on insurance and liability requirements for the space industry.
The CLCC is working with UK Space Agency and their actuarial advisors from the Government Actuary’s Department to develop these policies, providing views on structuring liabilities, insurance provision, and analysis of risk.
Specifically, the CLCC is advising on the in-orbit operator liability limit in relation to potentially reducing insurance requirements and liability limits of satellites in orbit. This would be achieved by replacing the fixed liability limit with a variable one, using a number of risk criteria to determine a limit which reflects the specific risk in each case.
The CLCC is also helping to explore alternatives to traditional third-party liability insurance to cater for various spaceflight related risks, including what the impacts of alternatives to traditional insurance could be on the insurance market and the space sector.