Question to the Department for Science, Innovation & Technology:

To ask His Majesty's Government what assessment they have made of the opportunities for the growth of the London insurance market and emerging services relating to operations by the space sector; and whether they plan to bring forward proposals for a reduction of operators’ regulatory compliance costs.

The Government recognises the importance of the London insurance market as the global leader in space insurance. It is looking at options to further support its growth and future development of emerging services, such as Active Debris Removal. The Government is committed to driving growth and innovation through regulation. It is currently consulting on a range of regulatory financial tools for growth of both the orbital operations and insurance sectors, and intends to set out its latest thinking shortly. These measures will contribute to a reduction of operators’ regulatory administrative costs in line with the Prime Minister’s target of a 25% reduction across sectors by 2030.