I once lived in an insurance town, where one of my friends did a motivational speech. She asked what someone in the audience's profession was, and got the reply "cat modelling". Fascinated, my friend asked some follow up questions about whether the audience member was a cat groomer or a pet photographer, and got the reply that she created statistical models of risks of hurricanes, earthquakes and other catastrophes.
@LittleWhole
Жыл бұрын
LMAO yeah, "cat modeling" is short for "catastrophe modelling".
@teddyharcourt2542
Жыл бұрын
Literally my job! It’s so much better to say you are a cat modeller, saying you work in insurance totally kills the vibe at a party 😂
@brianbarker2551
Жыл бұрын
@@teddyharcourt2542 I've been to some pretty awesome insurance parties tbh.
@jannikheidemann3805
Жыл бұрын
So cat modeling could mean modeling catastrophes if 'cat' is a shorthand, but it could also mean that you work for someone that sells pet insurance, and you profess in creating statistical models of feline bretheren.
@UD503J
Жыл бұрын
My partner works in the property insurance industry, I know a lot of these people LOL
@Nimigoha.
Жыл бұрын
So I work in space insurance. Great video, hit all the big points very accurately. One thing that would have been a good mention is the fact that a lot of space underwriters are literal rocket scientists. Like they built launchers and satellites in industry for 15 years then moved into insurance. So they really understand a lot of the technical aspects of space in a way that is very different to other insurance lines. (To use Ben’s example, an auto underwriter doesn’t have to be a mechanic to write auto insurance).
@sebster100
Жыл бұрын
Wow! How do you get into space insurance?
@engineeringvision9507
Жыл бұрын
@@sebster100 He literally just told you. It also requires intelligence...
@cryptoworkdonkey
Жыл бұрын
It's sounds like a lot of Bayesian stuff.
@joepickford6219
Жыл бұрын
I was an Aviation and Space Underwriter for four years. I don’t even have a degree and knew little more than what this video teaches you. 😂
@WouterWeggelaar
Жыл бұрын
Tell me about it! (I need to pay in-orbit insurance fees for a satellite each year) Most projects that aren't multi-million dollar satellites opt to build a flight spare instead of a launch insurance, in case the flight model blows up there's another one. The premiums can be so high that it makes sense to just build another satellite as spare at the same time so there's a few savings. Added benefit is that you spread risk during manufacturing because you have spare parts in case something is damaged pre-launch. In-orbit insurance in my case mainly covers for 3rd party liability, not the failure of the satellite itself, and is mandatory due to the law of my country (the Netherlands) Fun fact: if your satellite is non-operational (EOL or dead), many governments do not require insurance anymore, even though your now fresh piece of space junk can still crash in to something else...
@Croz89
Жыл бұрын
Another advantage of a spare after launch is for debugging and problem solving, you can replicate a problem you're having with the one in space down on earth, and make sure the fix works on that one before pushing any fixes to the active satellite.
@AugustusAsgeir
Жыл бұрын
That's fuckin crazy, how did you get to even have a satellite 🛰
@firedogman2280
Жыл бұрын
@@AugustusAsgeir its surprisingly easy, the cheapest you can get is a cubesat, you can launch it up with a commercial rideshare and boom you got a satellite
@DFX2KX
Жыл бұрын
@@AugustusAsgeir Probably managing the finances for a corporate satellite I'd wager. But a private/small business satellite isn't impossible, you'd be surprised. "Cube" Satellites, or anything small enough to get launched on a ride-share program really, are actually somewhat conceivable price-wise. While very expensive, they're hundreds-of-thousands or low millions, not tens or hundreds of millions. That said, even for a small shoebox sized CubeSat, the premiums have to be stupidly high. But the value of the data they provide can easily be several times that (usually environmental or weather-related stuff, but communications is an industry they're sometimes used in as well).
@requiemforameme1
Жыл бұрын
Cool! When you say, “[…] covers 3rd party damages” are those 3rd party… the other satellites? Or also covering contractor work on the satellite itself (or would that fall into the satellite functionality)? Sorry for being nit picky, genuinely curious. Thanks!
@mikemotter3685
Жыл бұрын
Is Ben going to have to insure his sobriety on the next season of Jet Lag?
@yourfriendlyneighborhoodin1559
Жыл бұрын
How do you get to hell? Very simple: claim that you're innocent. How do you get to heaven? Very simple: Admit that you're not Innocent, you're guilty and ask for mercy. How to know if you're guilty or not? Simply: Compare your life to the Ten Commandments God gave you in the Bible. Everyone agrees that if people followed the ten commandments there would be no need for governments or police. Do not lie. Do not steal. Do not commit adultery. Do not insult God by using his name as a cuss word. There are six more but let's just leave it at that. How many lies have you told in your life? Have you ever taken anything that didn't belong to you? Jesus said, if you look at a women lustfully you've already committed adultery in your heart with that woman. How many times a day do you do that? Do you use God's name as a cuss word? Would you do that with your own mother's name? If you answer these questions honestly you know that you're guilty. God can justly punish you and send you to hell. Ask him for mercy. His name is Jesus. It's as simple as this, The Ten Commandments are called the moral law. You and I broke God's laws. Jesus paid the fine. The fine is death. Ezekiel 18:20 - "The soul who sins shall die. That's why Jesus had to die on the cross for our sins. This is why God is able to give us Mercy. Option A. You die for your own sins. Option B. Ask for mercy and accept that Jesus died on the cross for you. @
@Mountain-Man-3000
Жыл бұрын
That's a definite payout
@Ireojimayo
Жыл бұрын
Didn't you watch the video? They can't issue an insurance rate for something with a 100% chance of failure.
@maruftim
Жыл бұрын
time to find out!
@blepblop7342
Жыл бұрын
@@yourfriendlyneighborhoodin1559my brother in christ this is a video about satellite insurance
@adamdapatsfan
Жыл бұрын
To be clear, the rockets we use to send stuff to space are _nothing_ like the rockets we use to send explosives to Afghani weddings - it's just that they were in the 60s, and the U.S. government is never going to declassify something if it doesn't have to.
@kernelskytrain
Жыл бұрын
Me: "Sorry I can't i've got a lot of things to do" Also me: *watching a video about satellite insurance*
@smusgrav
Жыл бұрын
Now I feel special! For a year I work on this exact insurance! There is very small amount of insurance companies that operate in this space (see I can make puns too!)
@betasequence4885
Жыл бұрын
Just for reference, Merv Hughes's moustache is vastly more important culturally to Australia than say, the crown jewels of England were 100 years ago or longer, back when everyone was into that kind of thing.
@null
Жыл бұрын
We’ve been trying to reach you about your satellites extended insurance plan.
@chrisanderson8889
Жыл бұрын
I was not expecting Merv Hughes and his glorious moustache to turn up in an HAI video, but as a Victorian (the Australian state, not the historical era) I am absolutely here for it! "Merv! Merv! He's a hero this man!!" - W. Lawry
@aromaticsnail
Жыл бұрын
Just in time for the few satellites blown up by Virgin Orbit
@MrZorroZorroZ
Жыл бұрын
Worked at Munich Re for a while... The underwriting is actually as wild as he says it
@teknolozik
4 ай бұрын
Interesting, I didn't even thought of satellites being insurance-able!
@InvadersDie
Жыл бұрын
1:28 The people who don't have friends anymore but still play every Friday are like: ""
@ACamelEmoji
Жыл бұрын
1:28 Playing Russian Roulette with a pistol is a high risk activity.
@User007RD
Жыл бұрын
Thank you for this! I was looking to buy insurance for my satellite
@alexlandherr
Жыл бұрын
At 3:04, why’s a Soyuz rocket launching out of what looks like an American desert?
@rogink
Жыл бұрын
It probably missed most HAI subs, but here in Britain we had our first satellite launch a couple of days ago. It was a Branson Virgin project to send a satellite rocket up from a 747. I think the rocket detached, from the plane, but then failed, and dropped back to earth. Apparently several satellites crashed with the rocket. I was wondering at the time - was it insured? I guess this answers the question!
@bubblebaath7840
Жыл бұрын
I found the legs and moustache more interesting than the satellites, can’t lie
@moracomole8090
Жыл бұрын
When Aliens take down your satellite and the issuance calls it an Act of God 🙄
@leonhill8447
Жыл бұрын
Never thought I'd see ITAR in a HaI video but here we are!
@zerotakis
Жыл бұрын
If I play Russian roulette EVERY Friday, I hope my insurance rates go down because I am obviously very lucky. At least relative to my unlucky friends.
@goldfishkaden1539
Жыл бұрын
Satellites do in-fact have the most expensive insurance outside of the world
@vulvex392
Жыл бұрын
If you want to know more about this, episode 229 of the podcast "MECO" is like a more in depth coverage of this
@DeltaDemon1
Жыл бұрын
Well, not EVERY Friday evening...
@Yezpahr
Жыл бұрын
5:06 Ok, confirmed, narrator has triple the usual lung capacity. Absolute Chad detected.
@lp9280
Жыл бұрын
Actually (what a great way to start sentence) this is not true... basically insurers can refuse to insure activity which is too risky (like rocket launches), so some may have insured things like that in the past, but after loses most of commercial/for profit insurances stopped insuring it, or there are limitation on liability. So for example they may insure rocket from third party liability and environmental damage e.g. if the launch vehicle fails, falls on residential building, kills people and maybe hits chemical plant polluting river as result.... both of these things are very unlikely to happen and they are only things that are covered. If rocket simply explodes with $100 million worth satellites and destroys launch site... that is not covered anyway! What I am saying insurance companies very unlikely to insure things they are not sure they can make money on, or they put around such terms and conditions that they don't have to pay for majority of the losses. Then there is second part, some contracts requires (contractually) or mandates (by law) to have certain insurances... which means that certain things can't be launched into space without being insured... and if no insurance company wants to insure it, then usually the companies handling the launch will cover the risk themselves. That is they create their own subsidiary, which deals with underwriting of risk, keeps the balance of money to cover them and issues the insurance cover guarantee. And yes - that means something like Space X can insure themselves via their subsidiary! In theory you an do the same with your car insurance - it is mandatory to be insured, but you can have your own insurance company and write insurance contract for yourself to be able to legally drive on the road. Now usually there are capital requirements and for something like car insurance at least in UK the requirement is to have capital of minim £50 million. So it is possible, but for most people no viable... but when it comes to space travel that is often the case. And this explains the last part - so if insurance companies never insure something that they are not able to estimate the risk and exposure on, then how do they lose money?! Well that is because of insurance companies that lose money are the sort of self-insure deals where launch companies have put maybe $50 million into insurance pot and covered the risk themselves. They are specifically there to cover damages and are just "cost of doing business". On top of that - any money lost via such entities are tax deductible, so often companies benefit from having very broad coverage which literally covers from things like extra fuel used and lost screwdrivers... because then they can claim on their own policy and deduct it from the taxes... meaning that in the end it may be loss to tax payers not the company itself if they spaceship goes boom.
@motor2of7
Жыл бұрын
State your qualifications please. After 40 years in the aerospace industry there’s a lot of what your saying that is inconsistent with my experience. Generically what you’re saying is true, but most space launches are insured as are the on-orbit periods up a point where the operator feels they’ve made enough money to assume the risk.
@lp9280
Жыл бұрын
@@motor2of7 generally financial servises. Not a massive exposure from insurance, but I have worked to some underwriters and I know that if they can't estimate the risk then they won't insure you, or give you "fuck-off" qoute. Mistakes could be made and they can lose money, but generally if something is too risky then it won't get insured. But you right - my response was generic, because video was oversimplified and generic. I guess my point - if insurers made loss, then they made mistake estimating risk, there is no way they said "let's insure something we cannot be sure about".
@cebenbb
Жыл бұрын
I love the lego animation porn intro music in the background
@mkctao3815
8 ай бұрын
I was just in the market for a satellite, this helped clear a lot of my worries about insuring it thanks
@davesarks2954
Жыл бұрын
It's the actuary that makes the calculations, not the underwriter = they just write the policies. Any old chump can be an underwriter.
@small3687
Жыл бұрын
I love when insurance companies lose money. That's the only time they are providing the service they were paid to provide.
@byloyuripka9624
Жыл бұрын
for the number if comments with peoplr saying 'i work in space insurance and ______' im getting the vibe they dont have a lot to do during the day except watch youtubr videos..
@lonelyPorterCH
Жыл бұрын
Thanks, thats what I always needed ;P
@thecouchgamered2007
Жыл бұрын
can you insure a Papyrus tho?
@FewVidsJustComments
Жыл бұрын
me watching the video: "learning boring and useless facts about satellite preperation insurance" my brain after seeing the thumbnail: "Yknow if one of those thing crashes to earth, Candace is in charge" (props if u get the refrence)
@exploshaun
Жыл бұрын
I was gonna say Kessler syndrome is gonna put satellite insurance out of business, but then again there won't be any rocket launches in the first place.
@DrewBraaten
Жыл бұрын
How does this affect Barbara from Shark Tank’s legacy?
@Dr.Dipshit69
Жыл бұрын
Liberty mutual insured a rocket launch for the first 2 minutes of launch, it was soooo risky
@AB00_2
Жыл бұрын
"We are calling to ask about your satellite's extended warranty" - Space agency's nightmare
@jeffbenton6183
Жыл бұрын
Lol, good one! Fun fact, NASA has a policy of never buying insurance for any of its satellites, space probes, etc. I'm not sure if other space agencies have similar policies, but I happen to know that one specific Russian launch in the early 2000s also was not insured.
@moonman239
Жыл бұрын
@@jeffbenton6183 Do they at least set aside money to cover the possibility of a failure? Do they have an investment fund, perhaps?
@unitrader403
Жыл бұрын
@@moonman239 pretty sure they question of the hardware nasa sends to space is not if it will fail, but rather when.. also it is basically impossible to put a price tag on them. spontaneous example: the Voyager probes. they are now almost 50 years old, and most of their systems are inoperable by now (not enough power), but the data we still get from them is invaluable because they are in a place where it it impossible to get a replacement to in any reasonable timeframe. how would you even start insuring that? Or what about the Mars Rovers we sent so far? Their Value is not in the Materials and Labor which got them built and into Orbit, but rather the Data they keep giving till they cannot do it anymore.. most of them cannot just be replaced by being given some cash, and in many cases a straight up replacement doesnt even make sense, because by the point the Insurance would have to pay for a new one the Tech has advanced enough that starting with a new program makes more sense... so why bother with it in the first place?
@social.elenakrittik
Ай бұрын
@@unitrader403 Yeah, because time is invaluable. Literally and figuratively.
@spiralshadow
Жыл бұрын
"It turns out that the rockets we use to send satellites to space are awfully similar to the rockets we use to send deadly explosives to Afghani weddings" Holy crap I nearly spit out my coffee lmao
@snakesonn3590
Жыл бұрын
That was pretty dumb of you
@itismethatguy
Жыл бұрын
Where's the joke /s
@user-op8fg3ny3j
Жыл бұрын
He made a similar joke about drone strikes on Afghan weddings in a previous episode
@lilpeach101
Жыл бұрын
It was very funny, but get's more grim the more you think about it.
@maruftim
Жыл бұрын
they really don't hold back on these stuff I love it
@cpmahon
Жыл бұрын
The trouble with the cost of insuring a satellite is that the prices can be sky-high!!!
@WouterWeggelaar
Жыл бұрын
it can even leave a vacuum in your bank account!
@0Clewi0
Жыл бұрын
sky-high doesn't seem like much for this case
@liliththeraccoon355
Жыл бұрын
I know right, just the other day I wanted to get mine insured but the prices were out of this world.
@RolandHutchinson
Жыл бұрын
Beyond stratospheric!
@alvasalrey
Жыл бұрын
You could say they are out of this world
@CheezusTO
Жыл бұрын
As an underwriter for more niche products this makes my little heart so happy!! I’d say though that insurance companies will most likely hire an engineer w deep knowledge and expertise on satellites to inspect the satellite specifications and prepare a report for underwriters to make final decisions :) Underwriters for aerospace products most likely have relevant background that qualify them as well. We can’t afford to actually take a shot in the dark per se :)
@tylerpeterson4726
Жыл бұрын
I'm assuming the policies are written before the satellite gets built, so what does the insurer have to gain by inspecting the satellite? Can they mandate changes or increase the premium if they don't like what they see?
@brianbarker2551
Жыл бұрын
lol you just look it up in the underwriting manual
@1-4-johnny.cash.fan-8-8
Жыл бұрын
@@brianbarker2551 yeah, because no one has ever had a job ever. You and everyone else who talks shit about people not having certain jobs need to get off the internet and live life.
@alexcisneros2980
Жыл бұрын
Underwriter with a small heart. And the world was not surprised.
@theanuragsoni
4 ай бұрын
One of the commenter who works in satellite insurance confirmed in this comment section that, the underwriters for satellites are in fact rocket scientists
@PrimalDialga
Жыл бұрын
“Here comes the International Traffic in Arms Regulations to ruin everyone’s fun again” Relatable af
@brickmack
Жыл бұрын
Honestly, ITAR is a serious buzzkill and is probably the single most fun-ruining law that impacts my daily life. And I am not joking
@Attaxalotl
7 ай бұрын
Damn, JASDF Supply Officer?
@bumblebeegamerreal
Жыл бұрын
I wouldn't be surprised if Half As Interesting's next video would be "The Massively Complicated Task For Discord Moderators"
@gfrewqpoiu
Жыл бұрын
I don't think they have enough experience, sure there is Jetlag - the Discord, but that one is fan run.
@alexcisneros2980
Жыл бұрын
Staying under the radar to continue grooming children and avoid pursuing an undercover cop masquerading as a tween.
@Lefaid
Жыл бұрын
What an oddly well timed video. I too was wondering about this after that rocket failed to launch those satellites yesterday.
@nether_bat
Жыл бұрын
The entire launch was a joke
@xWood4000
Жыл бұрын
There's been three different failures the last month coincidentally. Space is hard
@dantetre
Жыл бұрын
2:04 as an actuary (who calculates insurance risks. Why this wasn't mentioned in the video?) in Non-Life insurance it is normal that you have 3-4 "good"/profitable year and one "bad" one.
@carterdyksen
Жыл бұрын
A valid question. This video continuously and inaccurately states the work of done by actuaries as work done by underwriters.
@disorganizedorg
Жыл бұрын
@4:35 the Tesla launched as a test payload on Falcon Heavy is in an orbit that doesn't intersect Earth satellites.
@Beateau
Жыл бұрын
You know what I really love about these videos? You're bopping along, learning some pretty mundane stuff presented in a pretty interesting fashion when Sam just hits you with that stinger missile of a one-liner that just makers you pause the video and go "Oh no, he did not just..."
@squeaksquawk4255
Жыл бұрын
This is the first HAI episode after 1 rocket went swimming and another went Kaboom. Good timing!
@tomtoups
Жыл бұрын
Wait, actuaries are the ones who come up with statistical models. Underwriting is about determining if the person or thing qualifies for the policy
@alexjwolfe2
Жыл бұрын
as an actuarial student, i searched for this comment
@tomtoups
Жыл бұрын
@@alexjwolfe2 haha thanks. BTW nice choice on a career! You'll live comfortably
@carterdyksen
Жыл бұрын
Sadly, underwriters were given the credit of actuarial work within this video.
@tomtoups
Жыл бұрын
@@carterdyksen I know and there is a huge gulf that separates the level of skill required between the two. More than that, it makes me wonder how many other sloppiness-related errors have I unknowingly missed in other HAI videos. I watch these videos--dumb puns and all--because I like to learn something new and interesting. But this kind of calls into question their accuracy and scholarship (or lack thereof)
@brianbarker2551
Жыл бұрын
yeah, the guys that price the stuff, don't get yelled at by the agents or the clients. What do you mean he's sub-standard, he only takes three medications! I don't make the rules dude, but I get to enforce them...
@Altn246
Жыл бұрын
this gets a few things wrong. insurers actually send technical experts to oversee the entire production of the launch vehicle so they are 100% sure they've spotted any problems with the build quality etc and that forms a big part of the insurance deal.
@GeorgeVCohea-dw7ou
3 ай бұрын
Also, more and more rocket launches are done by private companies with their own rockets, and those lot may be contractually obligated to hand over their launch vehicle data for satellite installation, which would have been restricted in past eras of governmental rockets and shuttles. Like launching rockets into Afghani weddings, governments can’t keep this stuff secret for long, and people figure out how to make the sausage.
@SLow-fb3qm
Жыл бұрын
This is wrong. Life insurance is not really insurance. It’s an assurance, because death is inevitable. Risk insurance for property and chattel is true loss insurance where the chance of loss can be nil. That’s the opposite of life insurance. Also, life assurance does not require a cause, or liability. Insurance does. The other type of “insurance” is surety, whereby a third party guarantees the risk.
@chrisbeynon8700
Жыл бұрын
I was literally just thinking about this after the UK space launch ended up with the satellite in the ocean. Super interesting!
@katrinabryce
Жыл бұрын
I suspect the launch and in-orbit insurers will be arguing about who's labile to pay up.
@justinblin
Жыл бұрын
Don’t you love it when understanding satellite insurance is easier than American health insurance
@carsonm-l7585
Жыл бұрын
This video was not informative. In fact, you took 6 minutes to tell me that insuring satellites is complicated and nothing else. Much to my chagrin, there were no "insane economics" explained as the thumbnail suggested. In the future, please attempt to provide differentiated analysis in your videos rather than a lazy six-minute cash grab. Or, change your video titles to make them less misleading. Regards, Hasan Ahmad
@HassanAhmad17
Жыл бұрын
I couldn't agree more.
@hasanahmad3705
Жыл бұрын
Well said.
@dgpsf
Жыл бұрын
"No one could make an entertaining video about how niche insurance policies work!" Sam: "CHALLENGE ACCEPTED!"
@mrwalk6171
Жыл бұрын
They've been waiting on this one
@MrMaselko
Жыл бұрын
Ah yes. Just in case I need to insure my satellite.
@thecrapadventuresofchesimo420
Жыл бұрын
Sometimes the Hello Fresh box also contains a set of car keys. Then you wonder if you've been chosen for some kind of weird game, or if there is a warehouse worker somewhere freaking out because their co workers have played a funny prank...
@ichigo_nyanko
Жыл бұрын
wait what?
@effbar2400
Жыл бұрын
What
@kayseek1248
Жыл бұрын
“We’ve been trying to reach you about your satellite’s extended warranty.”
@ColePenner
Жыл бұрын
Insurance agent here! Just a note, insurance is generally speaking not mandatory. If a company (or an individual) can afford to replace something without affecting their overhead by much, they usually don’t insure it because what’s the point of paying an exorbitant premium when you can just pay for the risk outright if it’s a total loss. I’m assuming whoever is underwriting these satellites (probably Lloyd’s because they love insuring everything) is primarily binding Liability policies if the satellite were to fall back to earth and hit someone or their property :)
@motor2of7
Жыл бұрын
Nope. The manufacturers will often self insure pre-launch but the buyers want insurance for the launch and definitely for most of the on-orbit lifetime. A hundred million dollar satellite will generate billions in revenue over a 20 year lifetime. There’s no way they will risk their business model on something that can’t be repaired.
@kyleucf
Жыл бұрын
As an actuary I found this video highly irritating. No wonder people don’t know what we do, you kept saying underwriter when mostly you should have said actuary. That’s like talking about movies and confusing the actor and director. C’mon man, you’re better than that.
@carterdyksen
Жыл бұрын
Yes, this video was littered with inaccuracies due their lack of understanding of underwriting vs actuarial science.
Жыл бұрын
1:51 did you try hard to find this stock video for the phrase "easy to model"?
@CinemaDemocratica
Жыл бұрын
In the fastest-moving-object video, I laughed out loud when Sam said "BAM" at the exact-right moment. I haven't laughed out loud at an HAI video since, until now, and tonight I did it three times. ("And 'standard' being a very polite way of highlighting your special relationship with mortality.'" / "It turns out that the rockets we use to send satellites into space are awfully similar to the rockets we use to send deadly explosives to Afghani weddings" / "So the underwriters literally have to guess which launch vehicle will get used, and then cross their fingers and hope it's not one of the ones with a one-hundred percent failure rate." Bravo. Seriously.
@Number69
Жыл бұрын
I am definitely going to phrase this like the troll at the bridge in Monty Python and the holy grail... "what... is the cost of insuring a satellite? "Pre-launch, launch or orbit?" "I don't know that!?!" *flies into the abyss* A king must know these things...
@desmond-hawkins
Жыл бұрын
(4:40) "Satellites crashing into each other trapping humanity" is called the Kessler syndrome. It's a theoretical scenario (so far) where more collisions mean more debris which hit more satellites creating more debris… eventually creating an impassable field of deadly space trash orbiting at several km/sec and preventing any spacecraft from going into orbit or beyond.
@the11382
Жыл бұрын
Well, kesller is solveable within a few hundred years, if you have powerful lasers.
@apl175
Жыл бұрын
Sounds like a good theme for a movie....
@SuperSmashDolls
Жыл бұрын
The thing about the Kessler Syndrome is that it doesn't permanently disable all space flight. Rockets actually going to *space* rather than *orbit* are unlikely to be harmed. The problem is that satellites need to stay in a very specific orbit to remain geostationary (and thus useful), and they need to stay there for decades, which makes them a very easy target for random bits of space trash that could turn them into a brick.
@motor2of7
Жыл бұрын
@@SuperSmashDolls what makes you think that the launch vehicle is any less susceptible to space debris than any other space vehicle? Also, the likelihood of the Kessler Effect happening is really a Low Earth Orbit problem, not a GEO problem as you have described. 40 years designing, building, testing and launching satellites. LEO constellations like Starlink are legitimate threats to the entire aerospace industry and everything that relies on it.
@unitrader403
Жыл бұрын
@@SuperSmashDolls Geostationary Satelites need to stay in this exact Orbit, but that is just a fraction of all Satelites.. this specific orbit is not used by GPS, GLONASS, Galileo, the ISS, the Chinsese Station, Iridium, Starlink and many more single Satelites and Constellations.
@hyperqhopper
Жыл бұрын
This video is wrong about Heidi Klum's legs. Was curious about why they were valued differently and I googled it (the reason is one has a scar), but its not 1,000,001 and 999,999, it is 1.2M and 1M, making a total value of 2.2M and a much higher difference than this video showed.
@danoham10
Жыл бұрын
Love the timing of this after the UK just launched a satalite that crashed into the sea
@geosultan4
Жыл бұрын
There were like 6 different satellites onboard, and preliminary reports say they were all uninsured. Oof.
@DrVictorVasconcelos
Жыл бұрын
Man... both my two arms and legs are insured for 450k. I was gonna say that's nothing compared to Heidi Klum, but that's *_something_* compared to Heidi Klum, and that's weird.
@user-sn8oe5sb1b
Жыл бұрын
SpaceX has fundamentally altered this calculations, and will continue to disrupt them further. Basically, it's already changed massively the first two important measures: Reliability and launch cost. Falcon 9 is stupidly reliable, and it launches so much that it's got more data than any rocket ever to predict future reliability. And it's stupidly cheap, which changes the notion of "launch once, because we can't afford to do it again". And then there is the Starlink model, which other satellite operators will have to start following sooner rather than later: Stop making stupidly expensive satellites meant to last for decades, instead use a common bus and mass manufacture as much of the satellites as you can, while designing for a shorter lifespan. Since there are more Starlink satellites already up there than any other kind of satellite, and SpaceX doesn't insure Starlink, we can confidently say that most satellites are right now not insured. I'm sure satellite insurance will come back, but in a very different format. Different format, as in, it'll be dirt cheap and easy compared to what it is now. Cheap satellites, meant to be refreshed often, and launch cost and reliability aren't concerns. So they'll be insured like any other piece of machinery, at much more reasonable prices, and with less caveats.
@garyclark6427
Жыл бұрын
I had to listen to this. I had been an insurance claims adjuster for almost 45 years. In the 90’s I handled a claim for paint for the Space Shuttle.
@abhyudaysarkar5012
Жыл бұрын
Let's insure our brain.
@thespacepeacock
Жыл бұрын
Great timing on this video, with the last 2 US rocket launches both being failures. Good thing SpaceX exists!
@ceno10101
Жыл бұрын
to anyone interested in figuring out the probabilities of things being likely to happen. Study Actuarial Science in college!
@c.t.8614
Жыл бұрын
Virgin Orbit: Now you tell me about this
@notvisibleconfusion
Жыл бұрын
ABL: OK
@robertslater8293
Жыл бұрын
Missed the opportunity to title this video, "the out of this world cost of insuring a satellite"
@baylinkdashyt
Жыл бұрын
Insurance is gambling; it's a bet: I bet you $200 a month that I can total my car this year.
@LoveHandle4890
Жыл бұрын
Isn’t this why we have NASA and the government in general, tho?
@KleinOfficial
Жыл бұрын
I wonder what's the most expensive thing (other than real estate) you could call an insurance company for and get the go-ahead that they'll insure. A Bugatti? a Harrier jet? a hadron collider? I need answers to this.
@zeroyuki92
Жыл бұрын
After some googling, the most expensive thing is Itaipu Dam, which would cost 77 billion USD after inflation adjustment. People insure their construction project as well, so I think this might be the prime candidate for the most expensive insurance.
@shakti666
Жыл бұрын
"a very polite way of highlighting your special relationship with mortality" that line literally killed me lmao
@alexcisneros2980
Жыл бұрын
Hope you were insuranced do your parents didn't waste all that money.
@shakti666
Жыл бұрын
@@alexcisneros2980 Lmfao
@leonb2637
Жыл бұрын
Many times the insurers will limit their risk to any one loss by taking some of the premium and buy reinsurance, often via the Lloyds of London insurance market. They spread the risk to a number of other companies, with layering of risk at different levels of coverage. There will usually be very high deductibles as well. That is also done with many other areas of risk like on building fires and weather damage, ships, airplanes.
@AnimilesYT
Жыл бұрын
Most of the stuff mentioned at 1:21 would be very very illegal where I live :)
@knockhello2604
Жыл бұрын
It's complicated to get insure but easy for s -400 to fire missiles
@trimeta
Жыл бұрын
Interesting timing after both Virgin Orbit and ABL had failed rocket launches...
@paulholloway7666
Жыл бұрын
Technically underwriters don't do the maths and calculate the likelihood a claim will be made, that's the job of insurance actuaries.
@paulholloway7666
Жыл бұрын
Underwriters just plug the numbers into the formulae provided to them by the actuaries.
@bipolarminddroppings
Жыл бұрын
The best part about kessler syndrome is that you cant even send up some giant magnets to sweep up debris as satellites tend to be made mostly from non-magnetic materials...
@flummi6966
Жыл бұрын
Yeah,the horror of finding out about sunstorm induced wear on ball bearings in gyroscopes,years after the launch. We do our own party,you talk super bowl random citizen.
@NikkyElso
Жыл бұрын
Leave it to a German to insure her legs... I mean, it's good that she did though. Those legs are a national treasure.
@NamineSaeChannel
10 ай бұрын
Now i kinda curious tho... So, if the one hit the insured satelite is unknown space debris which has no clear ownership, are they cover it too? Also if its recorded satelite, do the sattelite owner get double compensation, from the Insurance and the Launching state of the space debris?
@marcwenger9424
Жыл бұрын
This video lived up to the name of "half as interesting"
@saturnb2127
Жыл бұрын
the waffle house has found its new host
@logans3365
Жыл бұрын
Insurance always seemed like a scam to me, the company has to be profitable so statistically you will only ever lose money on an insurance plan. It makes more sense to have group saving plans that everyone puts into and the people who have misfortune take out of. At least then you don’t have executives and shareholders skimming profit off of your misfortune.
@logans3365
Жыл бұрын
@@reubenc9915 if you actually look at the numbers they are pulling in I think you would agree they are taking far more then an administration fee.
@connormcgee4711
Жыл бұрын
The amount that is skimming profit is the substitute for legitimacy, as opposed to the group savings plan. Also the group would have to be quite large for something like home insurance. Both ideas work well, neither is a scam. It just makes disasters slightly more bearable. Many presented with the choice to either have a 1% chance to lose $100 or a 100% chance to lose $2.5, believe it or not, many will choose the latter. It is far more reliable and less emotionally painful.
@logans3365
Жыл бұрын
@@connormcgee4711 you are correct about the large group part, which is why it would be best to do it at a federal or perhaps state level. The net earnings of 2022 (meaning after taxes, and all expenses) for just the health insurance companies was $31,000,000,000. Meaning if you took out the profit motive then healthcare cost would be reduced by that much annually. And that’s not even addressing the fact that health services are over priced and insurance payouts could be dramatically reduced if that issue was reformed as well saving billions more. Obviously the same logic could be applied to all other forms of insurance.
@connormcgee4711
Жыл бұрын
@@logans3365 Yes, I agree. The amount of money that goes into advertising is proof enough that the profit margins are excessive. I assume your numbers are for the USA? I do not live there, but the issue does exist across the whole world, even if localized to only certain industries within insurance. A bit of skepticism would do a lot of good, hopefully we'll see some change, or at least a change in the current trends.
@logans3365
Жыл бұрын
@@connormcgee4711 yes those are americas numbers, as for the rest of the world I am less sure of the extent of the damage but I’m sure it exists even if in a lesser form. At this rate the only change we will see in the coming years is a downward spiral into full corporate dystopia, the 1% has used the nature of capitalism to enslave the 99% in such a clever way that most can not even see the cage, but it’s there, and the only way to bring it down is for us to unit and put an end to our corporate overlords monopoly on humans lives and their needs, and build a new world for all the people to thrive in, not just the 1%.
@Mainline421
Жыл бұрын
Well timed video after yesterday!
@what5902
Жыл бұрын
The Waffle House has found its new host
@SpineChillingChronicles
Жыл бұрын
Better questions is WHY WOULD ANYONE INSURE THIS THINGS< and Why would anyone capable of making and launching a satellite, would buy insurance?!!
@adobotravels
Жыл бұрын
Have work tomorrow, don’t know why I’m watching satellite insurance this late lol
@dk39ab
Жыл бұрын
"pre-launch insurance...This isn't all that different from any other hugely expensive argument that needs to be transported without being destroyed beyond repair..." Actually it is, look up Amos-6.
@jimday666
Жыл бұрын
@4:42 it's called Kessler effect
@moonman239
Жыл бұрын
I feel like if government ain't gonna tell you anything about a rocket, the appropriate response is to just go off their history of successes and failures: "Well, since you refuse to release the details of your next project - 10% of your last 100 projects failed, costing $3.5M, so here's a policy that'll cost you $400,000 but cover everything."
@stevenneiman1554
7 ай бұрын
It's kind of unfair to chalk lossy years for satellite insurers entirely up to the math being hard. It's also just because the market is swingy enough. Imagine there is a business where you roll a 6-sided die and then lose one dollar for each pip on the face that comes up. I insure people in this business for $4 a roll. But it's a tiny business where only 10 rolls are made per year. Even though the math to ensure that statistically, on average I turn a profit is pretty simple (the expectation value is $3.50 so more than that is average profit), I still have about a 15% chance of losing money on any given year just because sometimes those dice roll higher than usual.
@Jay_Force_One
Ай бұрын
“Afghani” is technically the currency of Afghanistan. The correct demonym for someone from Afghanistan is just “Afghan”
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