TOKYO -- Japan's two largest nonlife insurers are investing in space insurance, wagering that the segment will eventually become a major revenue source.
Mitsui Sumitomo Insurance, a unit of MS&AD Insurance Group, in April set up a section dedicated to space insurance. The Tokyo-based company was the first to underwrite a space project in Japan nearly 50 years ago, and today it is the only insurer with dedicated operations for space and aviation insurance in London, the space insurance hub, according to Hiroshi Hayashi, senior specialist for aerospace insurance at Mitsui Sumitomo Insurance.
