RUSSIA’S MEGARUSS INSURES TWO SPACE LAUNCHES FOR $455.4M

Russian insurer Megaruss has announced that it has insured two space launches for a total $455.4m. The first launch of a Kosmos-3m booster, which took place on July 15, was insured for $2.3m against destruction or damage, with third-party cover for the launch amounting to $100m and insurance for destruction or damage of launch facilities $20m. The second booster, Soyus, which was launched July 16, was insured for $333.1m. The cover comprised a $20m package for launch facilities, $13.1m for pre-launch preparations and the launch and $300m in third-party insurance. All the risks were reinsured on local and foreign markets through broker Heath Group. Last week, Megaruss insured a rocket launch which carried part of the international space station into orbit for more than $1bn (IFD , July 13). Meanwhile, Russian insurer The East-European Insurance Agency (VESTA) has reported that it reached seven space insurance agreements with a total indemnity of $978.2m in the first half of this year. Of this figure, $900m was accounted for by the communications satellite Gorizont-45, which was launched on June 6.