OneWeb extends insurance cover with Marsh
January 23, 2023
By Chris Forrester
OneWeb signed an agreement in September 2021 for an aggregate insured value for its satellites and launch activity of more than $1 billion and has extended its relationship with insurance giant Marsh for its remaining 2023 launches.
The upcoming launches are being handled by SpaceX and India’s NewSpace, part of ISRO.
In December 2022 OneWeb completed its 15th launch, and then its 16th launch on January 10th both on Falcon 9 rockets from Florida.
Srikanth Balachandran, OneWeb’s CFO, said: “Marsh has been pivotal in supporting OneWeb’s mission since 2021, and we are proud to collaborate with an insurance broker that shares our global ambitions. As we continue to progress towards activating our coverage across the world in 2023, we will benefit from the security of the insurance programme through Marsh, and the expertise of their teams across UK and India.”
Chris Lay, Chief Executive, UK & Ireland at Marsh, said: “OneWeb has made tremendous progress in building its Gen1 constellation. The next series of launches will enable the business to activate its coverage solutions globally, and are strategically important to OneWeb’s success. The continuation of our highly innovative insurance programme, and the guidance of Marsh’s global colleagues, demonstrates that Marsh and OneWeb remain committed to creating a more connected future for all.”
Sanjay Kedia, Chief Executive, Marsh India, added: “The recent launch at Sriharikota and the enthusiastic participation of several Indian insurance players are positive and significant contributions to the global space sector. We are proud of our work with OneWeb, and we are delighted to see how our teams work collectively to deliver satellite launches in a safe, secure and responsible manner.”
Once complete, the initial constellation will consist of 648 satellites, 600 of which will be active satellites, with the remaining 48 serving as on-orbit spares.