Progressive Development of International Space Law Opportunities and Challenges Facing the Insurance of Space Activities

Space activities are one of the most important and riskiest human activities in the contemporary era. Space and insurance are two intertwined elements that can open new horizons for the commercialization of space activities and investment of the private sector. However, despite the ever increasing growth of the space technology, the legal dimensions of some issues such as space tourism, the need for appropriate insurance coverage, and space waste have remained unspoken of in the space treaties. Can these treaties meet the needs of the active players in this area? This paper concludes that the Committee on the Peaceful Uses of Outer Space (COPUOS) can specify the legal dimensions of these concepts by creating a new legal system. In addition, it can play an important role in the development of the International Space Law by having the objective of an international insurance in order to reduce the costs of this section and the responsibility resulting from these activities.