Do tourists going to space need insurance?

The recent failure of the PSLV-C62 rocket, which resulted in the loss of 16 satellites valued between $200 million and $250 million, has reignited discussions regarding the necessity of insurance for space missions. As the space tourism industry gains momentum, the risks associated with launching satellites and sending tourists into orbit become increasingly significant. Experts suggest that comprehensive insurance policies are essential to mitigate financial losses and safeguard investments in the burgeoning sector. The incident has highlighted the fact that as space exploration ventures become more frequent and commercially viable, the need for robust insurance frameworks is imperative to protect stakeholders from unforeseen mishaps. With the growing number of private companies entering the space race, the insurance landscape is expected to evolve, focusing on covering various aspects of space travel and satellite deployment. This situation underscores the importance of preparing for potential challenges in an industry that is rapidly expanding, emphasizing the need for sound financial strategies in a high-stakes environment.