Space insurance is entering a phase of strategic recalibration. After years of contraction and volatility, disciplined underwriting and long-term thinking are reshaping the market. At the center of this shift is HIVE Underwriters, which sees new opportunities amid changing commercial dynamics and mounting pressure to deliver sustainable capacity.
"When we look to enter a class, the first step is to identify best-in-class underwriters," said Bruce Carman (pictured), CEO of HIVE Underwriters. "It’s not about timing the market post-catastrophe. We’re focused on long-term value creation, which comes from backing the right people with the right approach."
Space insurance rates have hardened, but not in the chaotic way some markets respond to loss events. Despite a relatively quiet claims year, premium levels continue to climb steadily. That, Carman argued, is a sign of deeper discipline.
"Even with a slowdown in placements, particularly as fewer geostationary satellites are ordered, we haven’t seen the market chasing income or cutting rates," he said. "That tells us the market is thinking long term and maintaining underwriting rigor."
However, the question of whether this stability will hold hinges on the broader availability of capacity from carriers and reinsurers. "Only time will tell whether capacity continues to contract," Carman said.
Compared to aviation or other specialty lines, space insurance presents unique modeling and data challenges. "You’re often rating a rocket with only a handful of launches," Carman said. "It requires care in how you interpret limited, non-homogeneous data."
The philosophy of "knowledge-led underwriting" reflects a broader market trend: equipping underwriters with meaningful analytics to assess evolving space risks. In such a rapidly changing industry, expertise remains a crucial counterbalance to data limitations.
While the market has shown strong collaboration in addressing new risks, including insuring early satellite servicing missions, some areas still pose difficult questions. One of those is human spaceflight.
"As commercial missions grow, there's going to be interest in providing cover for astronauts," Carman said. "But the space market is used to covering defined-value assets, not PA-type liabilities. That’s an open question about who is best placed to handle it."
For brokers, understanding these distinctions will be essential in guiding clients through the complexities of insuring emerging space operations.
With commercial space activity accelerating, underwriters are navigating a more diverse risk pool than ever before. Traditional reliance on geostationary satellites is fading, replaced by lower-value, higher-frequency missions.
"We’re seeing larger launch vehicles and a commercialisation of what used to be state-only assets," Carman said. "This is good for diversification, but it also demands real expertise."
Maintaining underwriting standards in the face of new capital is critical. "There’s always a temptation to grab market share," Carman said. "But over time, markets gravitate to outperforming underwriters. The key is discipline."
For the UK market, particularly London-based brokers and carriers, this evolution presents both challenge and opportunity. As clients diversify their activities and seek bespoke coverage, the ability to connect disciplined capacity with informed advisory will be a key differentiator.
Looking ahead, Carman sees a more balanced and resilient space insurance landscape taking shape, one built on selectivity, data intelligence, and a clear-eyed view of where capacity is best deployed.
