Giant Leaps in space travel insurance – Apollo 11 remembered
As the 50th anniversary of the Apollo 11 moon landing is upon us, it is time to remember the first man to set foot on the man Neil Armstrong once estimated the Apollo 11 landing mission only had a 50 per cent chance of a successful landing.
As the Saturn V rocket left the Kennedy Space Center with thousands of litres of kerosene and over a million litres of liquid oxygen on board unsurprisingly, according to David Todd, Head of Space Content at Seradata Ltd, the Space Industry’s leading launch satellite database, only a few life insurers were willing to offer competitive or affordable cover to the first astronauts to set off to the moon.
According to Mr Todd, who is assisting with the creation of an insurance museum in London, some insurance companies wanted to offer the Apollo 11 crew life insurance virtually for free, in exchange for the extensive publicity they would gain regardless of the outcome of the mission but their offers were declined.
Instead, Apollo 11’s crew devised an ingenious solution for the long-term financial security of their families should the worst happen, by autographing countless postal covers, which were stamped at the local post office during each day of the mission.
These would become increasingly valuable over time and could be realised for the benefit of their loved ones.
This pseudo-insurance system continued until Apollo 16, the penultimate of the Moon missions, according to Mr Todd.
But how will civilians with enough cash to boldly go into space insure themselves in the future?
According to Mr Todd currently it is believed space travel businesses set to offer trips to civilians will arrange personal accident insurance for their passengers via the established market, but participants will have to pay the premiums themselves.
Under such schemes Mr Todd notes the passengers are not “passengers” in the legal sense, having signed away any liability as part of the deal with the operator, they become “participants” in the flight.
Kevin Hancock, chairman of the Society of Insurance Broking, said: “Insurance brokers would welcome the challenge of providing cover for all travellers whether they are journeying to the moon or to more earthly destinations.
“Worldwide cover is easy to achieve. Providing cover for a lunar voyage may be more difficult.”
To enable us to share more stories of the heritage and future of insurance, please pledge your support at: www.insurancemuseum.uk
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
- 27 Jan 2020
- 13 Jan 2020
- 11 Nov 2019
- 6 Nov 2019
- 31 Oct 2019
- 28 Oct 2019
- 17 Oct 2019
- 7 Oct 2019
- 16 Sep 2019
- 12 Sep 2019