OneWeb, the low Earth orbit (LEO) satellite communications company, and Marsh, the world's leading insurance broker and risk advisor, announced that the launches from US and India are covered as per their existing relationship that will continue through 2023.
OneWeb's Agreement with Marsh
Earlier in September 2021, OneWeb signed an agreement for an insured value of more than 1 billion dollars through Marsh, and the existing contract will cover the remaining satellite launches to complete OneWeb's Gen1 constellation. In addition, the insurance programme between the two partners continues to support the development of OneWeb's communication capabilities in new and established markets.
OneWeb Completes its 16th Launch
Earlier this month, OneWeb completed its 16th launch to date using SpaceX's Falcon 9 rocket from Florida in the USA, bringing the total constellation to 542 Satellites. The number of satellites marks more than 80 per cent of OneWeb's Gen1 constellation.
Srikanth Balachandran, OneWeb's Chief Financial Officer, said: "Marsh has been pivotal in supporting OneWeb's mission since 2021, and we are proud to collaborate with an insurance broker that shares our global ambitions. As we continue to progress towards activating our coverage across the world in 2023, we will benefit from the security of the insurance programme through Marsh, and the expertise of their teams across UK and India."
Chris Lay, Chief Executive, UK & Ireland, Marsh, said: "OneWeb has made tremendous progress in building its Gen1 constellation. The next series of launches will enable the business to activate its coverage solutions globally, and are strategically important to OneWeb's success.
The continuation of our highly innovative insurance programme, and the guidance of Marsh's global colleagues, demonstrates that Marsh and OneWeb remain committed to creating a more connected future for all."
Sanjay Kedia, Chief Executive, Marsh India, added: "The recent launch at Sriharikota and the enthusiastic participation of several Indian insurance players are positive and significant contributions to the global space sector. We are proud of our work with OneWeb, and we are delighted to see how our teams work collectively to deliver satellite launches in a safe, secure and responsible manner."
OneWeb Earlier Launches
OneWeb's successful 14th launch happened from NewSpace India Limited at Sriharikota, India, in October 2022, on an LVM-3 rocket and the 15th launch in December 2022, on a SpaceX Falcon 9. OneWeb says the company is on track to initiate global coverage in 2023, while its connectivity solutions are already live in the wider Arctic region, including Canada, Alaska, the UK and beyond.