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The basis of our underwriting methodology has heritage spanning more than 30 years. This methodology has delivered solid financial performance through both hard and soft market cycles - frequently beating the collective performance of the market. Assure Space has enhanced this methodology to develop a unique approach which involves a detailed case-by-case technical evaluation utilizing custom-built statistical analysis tools in conjunction with a comprehensive database of all satellites and launch vehicles performance. By using a highly structured underwriting process Assure Space is able to ensure portfolio balance, set rates and exposures and track our portfolio strength in real-time.
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Technical Risk Selection
Assure Space is founded on the premise that space insurance can only be underwritten profitability by using technical and engineering information to discriminate against unacceptable risks. Experience in the space industry is essential. Our underwriting team has extensive experience as a satellite manufacturers, operators and insurers.
Policy Analysis and Negotiation
Assuming the results of the technical review demonstrate that the risk of loss is quantifiable and acceptable, the second step is to evaluate
whether the coverage requested is consistent with the satellite’s capabilities, and ensure that the policy clearly describes the coverage. Each policy will be specific to the risk and the needs of the insured. Assure Space will negotiate any exclusions, deductibles, partial loss formulas and procedures within each policy, and will assess the suitability of the policy terms to protect the insurers’ rights.
Assure Space will provide comments on a draft policy which are collated by the placing broker on a syndicated basis from the market. Often a single policy will undergo several revisions before being finalized. Assure Space will always ensure insist upon certain policy requirements prior to binding a risk. The Assure Space team has an excellent relationship with the brokers and has decades of knowledge and experience in policy drafting and negotiation.
Rating and Participation Level
The final step in the underwriting process is to develop a premium rate for the risk and to select a level of participation that ensures
profitability within the portfolio. Rates are only quoted after the technical risks have been thoroughly assessed and correlated with a well-defined policy wording.
Assure Space has developed a detailed technical database to model satellite and launch vehicle performance. This database includes details of anomalies, failures, losses and claims for all satellites and launch vehicles. This data is continually updated and is used to determine the expected loss factor for each insurance opportunity. We then perform extensive portfolio model using our unique Portfolio Analysis Tool. [email protected]
Assuming the results of the technical review demonstrate that the risk of loss is quantifiable and acceptable, the second step is to evaluate
whether the coverage requested is consistent with the satellite’s capabilities, and ensure that the policy clearly describes the coverage. Each policy will be specific to the risk and the needs of the insured. Assure Space will negotiate any exclusions, deductibles, partial loss formulas and procedures within each policy, and will assess the suitability of the policy terms to protect the insurers’ rights.
Assure Space will provide comments on a draft policy which are collated by the placing broker on a syndicated basis from the market. Often a single policy will undergo several revisions before being finalized. Assure Space will always ensure insist upon certain policy requirements prior to binding a risk. The Assure Space team has an excellent relationship with the brokers and has decades of knowledge and experience in policy drafting and negotiation.
Rating and Participation Level
The final step in the underwriting process is to develop a premium rate for the risk and to select a level of participation that ensures
profitability within the portfolio. Rates are only quoted after the technical risks have been thoroughly assessed and correlated with a well-defined policy wording.
Assure Space has developed a detailed technical database to model satellite and launch vehicle performance. This database includes details of anomalies, failures, losses and claims for all satellites and launch vehicles. This data is continually updated and is used to determine the expected loss factor for each insurance opportunity. We then perform extensive portfolio model using our unique Portfolio Analysis Tool. [email protected]
