ArkEdge Space and Mitsui Sumitomo Insurance Co. Ltd. and Mitsui Sumitomo Insurance Company, Limited, to Collaborate in Insurance Utilization for Small Satellite Constellations
ArkEdge Space Inc. (Headquarters : Koto-ku, Tokyo, CEO: Fukuyo Takayoshi), which provides comprehensive solutions for small satellite constellations from planning and design to mass production and operation, will collaborate with Mitsui Sumitomo Insurance Co. ("Mitsui Sumitomo Insurance", Chiyoda-ku, Tokyo, President: Shinichiro Funabiki), and have started collaboration on risk assessment and management related to small satellite constellations, as well as development of new insurance products and services.
Background and History
A satellite constellation, which consists of a large number of small satellites launched and deployed in space, is extremely effective in increasing the frequency of communications with the ground and earth observation. It is expected to contribute to the promotion of ocean digitalization and the resolution of global-scale issues such as climate change countermeasures. On the other hand, there are few cases in the world of full-scale commercialization of small table-top size satellites (10cm x 20cm x 30cm, etc.), and it is important to consider a flexible operational mechanism that takes reliability and efficiency into account from the early development stage. For this reason, the two parties agreed to collaborate on business management, including the assessment of various business risks in terms of both business and technology and the development of new insurance products for the industrial implementation of satellite constellations, focusing on the following two points
Development of new insurance products for the nano-satellite constellation
By combining the technology of Arkedge Space, which develops the world's most advanced nano-satellites, and the know-how of Mitsui Sumitomo Insurance, which has been underwriting space risks for about 50 years, we will study the development of new space insurance products for satellite constellations, a market that is expected to expand in the future. In addition, we will continue to develop new space insurance products for satellite constellations, for which the market is expected to grow. In addition, Mitsui Sumitomo Insurance will utilize various data acquired from ArkEdge Space's satellites for disaster prevention and mitigation, and develop services before and after compensation.
Promotion of Satellite VDES Utilization in the Marine Market
The spread of satellite VDES is expected to reduce maritime accidents through safe navigation and passage of vessels. The two companies are currently working together in the Satellite VDES Consortium, an industry-academia-government collaboration aimed at building a platform for business development, to study use cases and business models, conduct ground-based VDES communication experiments, and develop services using actual satellites, and to study new risk management in the maritime market, The consortium will promote the utilization of satellite VDES by studying new risk management in the marine market.
ArkEdge Space will continue to propose new solutions utilizing its nano-satellite constellation technology, aiming for "a future where anyone can do business with satellites.
About Mitsui Sumitomo Insurance Co., Ltd
Mitsui Sumitomo Insurance Company, Limited was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. and the former Sumitomo Marine & Fire Insurance Co., Ltd. In April 2008, the entire group transitioned to a holding company structure for the purpose of engaging in more advanced business diversification. In April 2010, the Mitsui Sumitomo Insurance Group, Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd. merged to form the MS&AD Insurance Group. which is now a top ten Fortune Global 500 company in insurance Property & Casualty category. Mitsui Sumitomo Insurance is the core enterprise of the MS&AD Insurance Group and holds the leading position for non-life insurance market in Japan. In addition to automobile, fire and personal accident, Mitsui Sumitomo Insurance also offers insurance services for satellite launches.
Headquarters: 3-9 Kanda Surugadai, Chiyoda-ku, Tokyo.
President and CEO: Shinichiro Funabiki.
Established: October 1918.
URL: https://www.ms-ins.com/
Space Insurance Special Site: https://www.ms-ins.com/special/space/
About ArkEdge Space, Inc.
ArkEdge Space Inc. is a venture company that provides a wide range of comprehensive solutions, from planning and design of the world's most advanced nano-satellite constellations to mass production and operation. The company's business fields are diverse and include the provision of solutions through satellite data utilization, the development and manufacture of nano-satellite related parts, components, and software, and the maintenance and operation of ground stations.
Aiming for "a future where anyone can do business with satellites," we will build a constellation of satellites for IoT communications, earth observation, and oceanic VDES, as well as a constellation of satellites for lunar activities and deep space exploration. In addition, we will promote the development and utilization of space that is accessible to all through a business model that meets all space needs.