Global reinsurance firm Munich Re has revealed itself as one of the insurers for the European Vega rocket, which failed about two minutes after lift-off from the European base in French Guiana on Thursday (July 11).
The rocket was carrying a military observation satellite for the United Arab Emirates. A brief statement by Arianespace, the company that markets the imaging satellite, said the mission came to a swift end after a â€œlauncher anomaly occurredâ€.
According to a Reuters report, the combined insurance policy for the rocket and satellite totalled 369 million euros (US$415.57 million). This was the 15th launch of Europeâ€™s Vega rocket and itâ€™s first failure.
David Todd, head of space content at satellite analysis firm Seradata, told Reuters this is the largest ever space insurance loss