The liability insurance amount for domestic private space launch vehicles has been publicly notified for the first time at a maximum of approximately 27 billion won.
According to financial sources on the 25th, the Ministry of Space recently publicly notified that the liability insurance applicable to InnoSpace's commercial launch vehicle 'Hanbit-Nano' would be up to $18 million (approximately 27 billion won). An exchange rate of 1,500 won per dollar was applied. The insurance amount may vary within this cap depending on the amount set by the local launch licensing authorities.
The Space Damage Compensation Act mandates liability insurance coverage for businesses seeking launch licenses. The insurance amount is determined by Woo Ju (Commissioner), taking into account the characteristics of the launch vehicle, technical difficulty, conditions around the launch site, and domestic and international insurance markets. This is the first time an insurance amount has been publicly notified for a private space launch vehicle since the enactment of the relevant law.
This amount was analyzed by InnoSpace with reference to the Australian Space Agency's 'Maximum Probable Loss Methodology' (MPL) and finally reviewed and calculated by the Brazilian Space Agency. The maximum probable damage, considering loss of life, property, and environmental impact, was assessed at $18 million. Factors such as the probability of the launch vehicle falling and a 10-kilometer radius around the launch point were reflected. The detailed calculation method has not been disclosed as it includes Brazilian military secrets.
The Ministry of Space determined that the insurance amount for the first launch of 'Hanbit-Nano' was $15 million, and judged this amount to be appropriate considering factors such as the fact that launches in Brazil do not affect domestic areas.
As the number of launches accumulates, there is also a possibility that Brazilian authorities may lower the insurance amount. The Ministry of Space designed the public notice so that regional insurance amounts can be set for future launches from other countries as well.
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