Lloyd's Launches New Coverage For Low-Cost Space Travel

Law360, London (December 4, 2019, 7:04 PM GMT) -- London's oldest specialty insurance market on Wednesday said it is joining the space race by offering new coverage for private journeys into space, an industry that could be worth $1 trillion by 2040.

Lloyd's of London, the 330-year-old specialty market, announced a new space policy called Llift Space, which will cover individuals and companies using the "lower cost, easier routes to space" involving satellites weighing less than 300 kilograms.

This so-called NewSpace market could increase in value from $300 billion today to $1 trillion by 2040, according to a report published by Lloyd's on Wednesday.

"New aerospace companies and ventures are...

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