Launching into space? Not so fast. Insurers baulk at new coverage

The insurance dilemma underlines a greater problem: no one is cleaning up the mess in space

An ever-swelling amount of space debris is threatening satellites that hover around Earth, making insurers leery of offering coverage to the devices that transmit texts, maps, videos and scientific data, industry sources said.

Thousands of new satellites are being launched into areas where orbital rubbish has been accumulating since early space missions nearly 65 years ago. The surging collision risks have left the handful of insurers that offer satellite coverage pulling back or exiting the market, executives and analysts said.

"This is a real issue for insurance," said Richard Parker, co-founder of Assure Space.

Over a year ago, the company stopped providing spacecraft