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Swiss Re Leaves House Insurance coverage Market – Parabolic Arc

Constructed by Lockheed Martin, the WorldView-Four satellite tv for pc will broaden DigitalGlobe’s industry-leading constellation of high-accuracy, high-resolution satellites, and double the supply of 30 cm decision imagery for industrial and authorities clients across the globe. (Credit score: Lockheed Martin)

SpaceNews studies that Swiss Re has left the house insurance coverage market because of losses.

Jan Schmidt, the pinnacle of Swiss Re’s house underwriting division, stated in an e-mail obtained by SpaceNews that the choice to “stop House underwriting with rapid impact” was pushed by “unhealthy outcomes of latest years and unsustainable premium charges.”

Schmidt emailed shoppers and brokers the identical day Swiss Re board member Andreas Berger instructed Reuters the corporate is decreasing its house publicity as a part of a broader effort to stem losses in its company insurance coverage divisions.

Swiss Re is the world’s second largest reinsurance firm.

The failure of an European Vega rocket final month resulted in $407 million (369 million euros) in losses to the insurance coverage {industry}. The United Arab Emirate’s Falcon Eye 1 satellite tv for pc was misplaced within the failure.

That accident adopted on the heels of a $183 million declare by Maxar Applied sciences after the WorldView-Four satellite tv for pc failed in orbit.


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