Exclusive: Charter Space Launches an Insurance Brokerage

Why It Matters

By streamlining space insurance, CIRC can lower costs and enable more operators to secure coverage, addressing a critical risk gap as satellite launches accelerate.

Key Takeaways

• Charter launches CIRC, a dedicated space insurance brokerage.
• CIRC offers end‑to‑end policies from pre‑launch to on‑orbit.
• Minimum insurable asset value set at $2 million.
• Brokerage aims to cut underwriting manual work by 90%.
• Faster quotes could lower premiums and boost satellite coverage.

Pulse Analysis

The space‑insurance market has long lagged behind the rapid growth of satellite constellations, leaving an estimated 97 % of operational assets without formal coverage. Traditional insurers struggle with limited data on novel spacecraft designs, leading to high premiums and lengthy underwriting cycles. Charter Space, known for its Ubik mission‑management platform, has spent five years aggregating component‑level risk data, positioning it to bridge the information gap that has hampered insurers. Its new venture, the Charter Interplanetary Risk Corporation, leverages this data to create a niche brokerage focused exclusively on space‑related risks.

CIRC operates as a full‑service broker, offering one‑click quotes for Ubik customers and a streamlined six‑month turnaround for external clients. By acting as the system of record, the brokerage can feed standardized technical data directly to underwriters, automating up to 90 % of manual tasks that traditionally drive up costs. The minimum insurable asset value of $2 million ensures the platform targets commercial operators rather than experimental payloads, while the breadth of coverage—from pre‑launch hardware to cyber liability—provides a one‑stop solution. Early indications suggest faster policy issuance could compress premium pricing, making insurance more accessible for emerging constellations.

The launch of CIRC signals a maturation of the commercial space ecosystem, where ancillary services such as insurance are becoming as critical as launch providers. As the industry approaches a wave of tens of thousands of satellites before 2030, scalable underwriting solutions will be essential to manage systemic risk and attract investment. Competitors may follow suit, but Charter’s integration of mission‑management software and risk analytics offers a competitive edge. Regulators are also watching closely, as broader coverage could improve compliance and reduce liability exposure across the sector, ultimately fostering a more resilient orbital economy.