Loss of Emirati FalconEye1 satellite and Vega rocket will cost a great deal to insurers

On July 10, 2019, the Vega rocket crashed into the Atlantic Ocean. The launcher had on board the Emirati satellite FalconEye1, having both military and civilian use.

The disaster is the largest loss in the history of space insurance.

The rocket and its cargo are insured for 416 million USD with Munich Re being one of the insurers of this mission.