China has created a space insurance consortium to cover its own launches, breaking its dependence on foreign reinsurance. Previously, if a satellite failed, insurers in London or Paris would cover part of the cost. Now, the money and control remain within Chinese territory. The country seeks financial independence in a key sector.
Insurance sovereignty in the new orbital race 🚀
The consortium brings together Chinese firms such as PICC and China Re, with the capacity to cover launch risks and satellite lifespan. The measure responds to the increase in commercial and government missions. By internalizing reinsurance, China avoids capital outflows and accelerates its space expansion plans. The model is already applied in other strategic industries.
Goodbye to British reinsurance, hello to total control 🇨🇳
London brokers must be seeking comfort in cold tea. China not only launches cheaper rockets, but now insures itself without paying tolls to the West. If a satellite is lost, the money stays in Beijing. The next step will be to open a claims office on the Moon. Just in case.