The first space insurance policy was written in which year?

The first space insurance policy was written in which year?

• A. 1955
• B. 1965
• C. 1975
• D. 1985

Answer: (B)

The main idea is that space insurance emerged as a distinct line of coverage only after the space business began to mature, needing specialized terms for launch and in-orbit risks. By the mid-1960s, insurers recognized the unique hazards of spaceflight and began writing dedicated policies to cover launches, satellites, and related liabilities. That shift is reflected in the historical milestone of a formal space insurance policy being written around 1965, marking the birth of specialized space risk transfer in the market. Before that, coverage often came through adapted aviation or ad hoc arrangements, and after that year the market expanded as more satellites and programs entered service. So 1965 is the year that best fits as the first formal space policy date.

The main idea is that space insurance emerged as a distinct line of coverage only after the space business began to mature, needing specialized terms for launch and in-orbit risks. By the mid-1960s, insurers recognized the unique hazards of spaceflight and began writing dedicated policies to cover launches, satellites, and related liabilities. That shift is reflected in the historical milestone of a formal space insurance policy being written around 1965, marking the birth of specialized space risk transfer in the market. Before that, coverage often came through adapted aviation or ad hoc arrangements, and after that year the market expanded as more satellites and programs entered service. So 1965 is the year that best fits as the first formal space policy date.