Initially, the insurer plans to cover suborbital flights, which briefly enter space before landing back on Earth. Credit: Dima Zel/Shutterstock.

Mitsui Sumitomo Insurance Group is developing an insurance solution to cover space tourism, reported Nikkei Asia.

The Japanese insurance company is working with travel agency HIS, ANA Holdings, which owns All Nippon Airways, and others.

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Mitsui Sumitomo aims to bring the product to market around 2030.

Initially, the insurer plans to cover suborbital flights, which briefly enter space before landing back on Earth.

Currently, several operators in the US offer suborbital flights.

According to Mitsui Sumitomo, no insurer covers these flights, and participants must sign consent forms, recognising the risks involved.

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To develop a policy for these kinds of flights, the insurer has joined forces with 17 businesses in relevant industries.

For instance, ANA could potentially offer insights into rocket flying and maintenance and HIS could launch its space tourism products in the future. 

NEC, a Japanese electronics company with experience in the telecommunications industry, is one of the other partners.

Similar to conventional travel insurance, Mitsui Sumitomo aims to provide coverage for accidents and other potential problems that may occur while policyholders are in space.

The potential health effects of radiation exposure throughout the trip are also a cause of concern.

Through its insurance offering, Mitsui Sumitomo hopes to support space-related sectors.

Currently, only affluent clients can afford suborbital trips, which run into hundreds of thousands of dollars. 

However, by the late 2020s, some anticipate the price will drop below $100,000.

Later, there may be a possibility for travellers to go on space trips for longer durations. 

Mitsui Sumitomo is looking to gain expertise in connected insurance products to cater to the new space tourism industry.

In August this year, the Japanese insurer joined the Series A funding round of nT-Tao, which is developing scalable nuclear fusion technology.