Mitsui Sumitomo Insurance (MSI) has linked up with Tokyo-based space and robotics company ispace, with the insurer becoming a corporate partner of HAKUTO-R, ispace’s commercial lunar exploration programme.

Under the partnership, the two firms will cooperate on developing a lunar insurance service. According to a joint statement, the moon’s surface is still mostly unknown to humanity and contains many new risks. MSI and ispace will work together to create coverage for companies and individuals and seek to mitigate the risks of lunar exploration, and support the sustainable development of a lunar economy.

“The availability of lunar exploration insurance will encourage new players to participate in the lunar industry by reducing the risk of entry,” said Takeshi Hakamada, founder & CEO of ispace. “With the ability to insure our landers and rovers, ispace and its customers will be able to concentrate on realising our vision without hesitation.”

According to MSI, its participation in the development of a lunar economy reflects the early days of general insurance, which covered ships sailing out into the mostly unknown oceans. It added that its creation of a lunar business is among the first commercial applications geared to supply the growing demand from the burgeoning lunar exploration industry. Aligned with ispace’s vision to expand the Earth’s economy to the moon, MSI recognises the moon as a viable expansion of its operations on Earth.