Traditional travel insurance won’t swoop in with paramedics, even though it typically covers the cost of an emergency. Dan Richards, the chief executive of Global Rescue, told DealBook that he wanted to fill that gap when he founded the emergency travel management company in 2004. Travel insurance is going to space. The space travel insurance market is still small, but Lloyd’s of London, which insures space businesses, began underwriting space travel insurance in 2021, and last year the Japan Aerospace Exploration Agency and Mitsui Sumitomo Insurance said they would jointly develop space insurance offerings. The cost of search and rescue typically falls on state and local agencies, Ms. Hastings said.

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Persons: Dan Richards, DealBook, ”, SkyMed, Hastings, that’s, Ms, “, Mr, Richards, — Ephrat Livni Organizations: Global, AirMed, Virgin Galactic, UBS, Japan Aerospace Exploration Agency, Mitsui Sumitomo Insurance, Coast Guard, Global Rescue Locations: London, Japan, Hawaii, Utah, United States