Booming aerospace market drives space insurance growth
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Growth of the Chinese space insurance industry is in lockstep with the rapid development of the country’s aerospace sector, which has seen a surge in commercial space development in recent years, Global Times reported. PICC Property and Casualty Co. Ltd. and Ping An Insurance Group Company of China Ltd. are the biggest space insurers in China, covering nearly 300 satellites and rockets. More companies in China are eager to take insurance covers for their space programs, given the high value, complexity and risks associated with such projects.
