Galactic

What would the Wright brothers make of passenger space travel?

How dangerous is space travel? Someone is going to have to figure it out pretty soon because Virgin Galactic plans to be operating sub-orbital tourist flights by the end of the decade.

In fact, Lloyd's of London and insurance company Hiscox are already working on providing cover, both for the venture and later for the adventurers, who, until some kind of safety record is established, may have to fly at their own risk. At £200,000 a trip, it's not going to replace everyone's two weeks in the sun, but it shows just how fast and how radically the demand for insurance is changing. New ideas, new products and new ideas all throw up new risks and insurance companies have to innovate and respond. In one of the world's most intensely competitive industries intellectual rigour is only half the story - you also have to be fast, insightful and commercially aware.