QinetiQ expertise provides foundation for Sciemus risk management models
QinetiQ is to provide a new round of technical advice on spacecraft reliability and risk analysis to Sciemus, a UK-based company that is revolutionising the space insurance market, following the signing of two new contracts that are worth £650,000 over three years. The deal covers the operation, licensing, maintenance and continued development of QinetiQ's Space Risk Assessment Tool (SpaceRAT).
Building on its success in the satellite insurance market, Sciemus will also draw on QinetiQ's expertise to develop risk analysis models in cyber security, power generation, UK property and other sectors where underwriters have traditionally faced significant challenges when assessing risk.
Ian Reid, managing director of QinetiQ's space business said: "From a standing start at the beginning of 2006, Sciemus has become one of the largest satellite insurers in the world, and I am pleased that QinetiQ's technical expertise will contribute to its continued success."
"QinetiQ has captured a tremendous amount of historical data on launchers, satellites and satellite on-board systems and our relationship with Sciemus allows us to take this in-house expertise and apply it downstream."
In January 2006 Sciemus, in partnership with Liberty Syndicates, launched a new $225m consortium called Libsat to provide satellite insurance. In February Inmarsat plc became the first client, followed by a number of other satellite-fleet operators.
Sciemus CEO, Andre Finn said: "QinetiQ's forty year heritage in space exploration has played a key role in Sciemus' ability to provide satellite operators with significant savings based on our unique understanding of the technical risk of satellite failure. This new deal provides the foundations for us to build on our recent successes in space insurance. It also opens up the exciting possibility of developing pricing and analytical models for other classes of insurance by tapping into specialist knowledge elsewhere in QinetiQ."