The UK government's new UK Space Strategy is set to channel billions of pounds into the nation's space sector. The strategy aims to stimulate economic growth, bolster national security, and foster technologies vital to modern life.
Accompanying the strategy is a package of regulatory reforms, for which the Government Actuary’s Department (GAD) provided actuarial analysis and risk assessment to the UK Space Agency (UKSA). These reforms include a new variable liability limits approach for orbital operations and the waiving of operator liability for specific innovative missions, such as in-orbit servicing assembly and manufacturing (ISAM) and lunar missions, until 2030.
Other reforms involve endorsing new approaches to third-party liability insurance and replacing decommissioning funds for satellite constellations with a monitoring regime. Nick Clitheroe, an actuary who worked with the UKSA on these reforms, stated that their 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."
The strategy focuses on four priority areas for accelerated development: satellite communications, in-orbit servicing assembly and manufacturing (ISAM), space domain awareness, and assured access to space.