Helping shape the future of the UK space sector
GAD helped the UK Space Agency assess the risks and financial implications of reforms designed to support growth and innovation in the space sector.
Credit: Nasa, Unsplash
Billions of pounds are set to be invested in the UK’s space sector under the government’s new UK Space Strategy. It aims to drive economic growth, strengthen national security and support technologies that underpin modern life.
The Government Actuary’s Department (GAD) supported the UK Space Agency (UKSA) through actuarial analysis and risk assessment to help inform a package of regulatory reforms accompanying the strategy.
Supporting growth and innovation
The new Space Strategy details how government will develop capability and deliver outcomes in 7 subsectors.
The strategy focuses on 4 priority areas for faster development: satellite communications, in-orbit servicing assembly and manufacturing (ISAM), space domain awareness and assured access to space.
Credit: Unsplash
Risks and implications
The GAD team worked with the UK Space Agency to assess the risks and financial implications of the proposals, helping government understand the potential costs to taxpayers and benefits to operators.
The work supported a package of financial and insurance reforms arising from the government’s previous consultation on orbital liabilities, insurance, charging and space sustainability. The reforms include announcements relating to:
- a new world-first variable liability limits approach for orbital operations
- waiving operator liability for certain innovative missions (ISAM and lunar) until 2030
- endorsement of new world-first approaches to providing third-party liability insurance
- replacing decommissioning funds for satellite constellations with a more proportionate monitoring regime
Actuary Nick Clitheroe worked with the UKSA on the regulatory reforms that accompany the Space Strategy. He said: “Our role was to provide an evidence base for decision-makers, enabling them to balance innovation and growth with a clear understanding of the associated risks.”