Relm Insurance, a specialty insurer for emerging and innovative industries, has announced the launch of a new suite of insurance products designed for the rapidly expanding space economy.
Building on its existing launch and in-orbit underwriting capabilities for next generation rockets and spacecraft, including cover for constellations, Relm is introducing two new specialised offerings: OMEGASPACE and NOVASPACE.
OMEGASPACE is a combined financial, professional, and cyber tech policy for enterprises using space-based signals, data, and analytics to provide service to their clients.
Relm has also opened its SIGMA product suite to the space economy. SIGMA offers up to nine lines of insurance, including management liabilities to fiduciary and crime.
This comprehensive suite allows complex businesses to conveniently purchase all their critical insurance covers in a single place.
Andrew Bonwick, Relm’s VP of Product Development, said: “Legacy insurance models assume siloed risk. In space, that doesn’t work. Exposures overlap across hardware, software, launch, and data.
“With OMEGASPACE, NOVASPACE, and SIGMA we’ve built products that mirror how companies actually operate. This makes it easier for brokers to structure protection that fits their clients’ realities.”
He added: “Our aim is to make insurance an enabler of progress. If a company adds new payload capacity or a downstream data service, its coverage can evolve without friction.”
These products are Relm’s answer to the industry’s demand for resilient solutions. The space industry is currently valued at over $630 billion, and forecasts suggest it could reach $1.8 trillion by 2035.
Within these figures, consulting firm McKinsey projects that the backbone of the space economy — satellites, launch, and in-orbit services like ground stations — will expand at twice the rate of global GDP, growing from roughly $330 billion in 2023 to $755 billion by 2035.
Downstream revenues, led by communications, are expected to reach a comparable scale. This rapid development translates into new classes of risk, evolving capacity needs, and increased opportunities for securing specialised insurance coverage for insurance brokers and their clients.
Joseph Ziolkowski, CEO and Founder of Relm Insurance, said: “We’re seeing a wave of new entrants in the space sector as companies push the boundaries of data, connectivity, and infrastructure.
“Launch vehicles and launch site operations alone are projected to triple revenue from $13 billion to $32 billion by 2035. Ground station capacity is projected to expand fivefold while satellite deployments accelerate at an unprecedented pace. Our suite of space insurance products give companies and brokers the resilience they need with risk solutions that evolve as fast as the technologies they support.”
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