China Reinsurance, China Pacific Property Insurance (CPPI), China Continent Property & Casualty Insurance, together with other eight Chinese insurers, will serve as the underwriter for the disaster monitoring satellite DMC+4 to be launched late September. The deal was signed in Beijing on Sept. 12.

The policy will be validated from the moment of the countdown of the launch till three months after the lift-off. The full coverage, or the constructive total loss , is worth 101.2 million yuan.

Chinese insurers are fully responsible for all the details of this policy, including definition of terms and conditions, and actuarial arrangements, among others. This is the first time that Chinese insurers have independently offered service for satellite launch, making a further progress of China's aerospace insurance.

By People's Daily Online