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Risk in Context Podcast: Managing risks and opportunities as space exploration enters new frontiers

From new satellite technology, to novel ways to launch, to commercial flights, the global space industry is advancing at a rapid pace.

From new satellite technology, to novel ways to launch, to commercial flights, the global space industry is advancing at a rapid pace, with expectations that it will be worth around US$1.8 trillion by 2035, when accounting for inflation — a significant leap from 2023’s estimated value of US$630 billion. Massive technology innovations and a lower cost to entry are propelling this growth.

Although major advances are bringing huge opportunities for the space industry and increasing the accessibility of space, senior leaders need to effectively address technical, financial, and regulatory challenges.

In this episode of Risk in Context, Stephen Monks and Adam Sturmer, both Managing Directors for Space Projects at Marsh, speak with Denis Bensoussan, Head of Space at Beazley Insurance, about the opportunities facing the industry and share advice on actions that leaders should consider to strategically manage evolving and emerging risks.

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Key takeaways

Innovation brings significant advances, but also new risks

As the space industry evolves from being space-bound to space-built, the lower cost of access and advances in technology are enabling significant growth. However, the transition is also driving increased technical, human-induced, and environmental risks.

Regulatory expansion can help promote safety and sustainability

As risks grow in number and complexity as more organisations venture into space, new regulations could help guide the industry and promote best practices in space operations, helping to address environmental challenges and the management of space assets.

Insurance is critical in supporting the space industry’s growth

The rapid expansion of space exploration brings new players with different risk profiles and insurance requirements, so the insurance industry must adapt and innovate to cater to a broader range of evolving needs.

About our speakers

Stephen Monks

Stephen Monks

Managing Director, Space Projects, Marsh Specialty Aviation & Space, United Kingdom

  • United Kingdom

Stephen Monks is a Managing Director for Space Projects. He is responsible for the overall management of the London space team. He coordinates Marsh Specialty’s space activities on technical and insurance coverage and advises clients on a wide variety of technical and insurance coverage issues.

Adam Sturmer

Adam Sturmer

Managing Director, Space Projects, Marsh Specialty Aviation & Space, United Kingdom

  • United Kingdom

Adam Sturmer is a Managing Director for Space Projects. Based in London, he works with satellite operators, launch service providers, satellite manufacturers, and others to provide space risk management and insurance placement services and the delivery of fully tailored risk and insurance solutions.

Denis Bensoussan

Denis Bensoussan

Head of Space, Beazley, United Kingdom

  • United Kingdom

Denis Bensoussan is the Head of Space at Beazley with more than 20 years of experience in the industry. Prior to starting the Beazley Space Division in 2014, he worked for the Hiscox Space unit, in aerospace departments at Marsh, at international law firm Simmons & Simmons, and at the European Space Agency, the United Nations, and the European Commission. He is also the Chairman of the London Market Association Satellite Risk Committee.

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