In March 2025, the Beijing Financial Regulatory Bureau guided 20 insurance institutions in Beijing to establish the country’s first commercial aerospace co-insurance community—the Beijing Commercial Aerospace Insurance Co-insurance Community (hereinafter referred to as the “Co-insurance Community”). At 12:05 on May 21, 2025, the first project served by the Co-insurance Community—the Zhongke Yuhang Lijian-1 Y7 carrier rocket—was launched from the Dongfeng Commercial Space Innovation Experimental Zone, adopting a “one rocket, six satellites” configuration. The Taijing-3 04 satellite, Taijing-4 02A satellite, Xingrui 11 satellite, Xingjiyuan-1 satellite, Cube 108001 satellite, and Xiguang-1 02 satellite were successfu
Insurance Coverage and Service Efficiency
The overall insurance coverage period has been shortened by 20%. This batch of satellites is mainly used in fields such as urban planning, environmental monitoring, and meteorological detection. To ensure the smooth implementation of this launch mission, the Co-insurance Community leveraged its strong and professional service advantages, pooling the underwriting capabilities of all members to provide nearly 100 million yuan in risk coverage for this launch mission, as well as full-process services from inquiry to underwriting and policy issuance. The overall insurance application cycle has been shortened by 20% compared to before, fully meeting the insurance protection needs of enterprises.
Successful Launch Insurance Project
In May 2025, seven departments, including the Ministry of Science and Technology, the People’s Bank of China, and the State Financial Regulatory Commission, issued the “Several Policy Measures for Accelerating the Construction of a Science and Technology Finance System to Strongly Support High-level Self-reliance and Self-strengthening in Science and Technology.” This document clearly states the need to “explore the use of co-insurance to provide risk protection for science and technology insurance in key areas, and carry out pilot projects for risk dispersion in major technological breakthroughs, pilot production, and cyber security.” The launch insurance project of the Lijian-1 Y7 is the first attempt by the Co-insurance Community. It fully demonstrates the advantages of the Co-insurance Community in gathering industry forces and promptly responding to the insurance demands of commercial aerospace enterprises. It is a beneficial exploration by the Beijing insurance industry to optimize insurance services in key areas of science and technology through the co-insurance community approach and a successful practice of the insurance industry’s participation in scientific and technological innovation activities.
Innovation in Underwriting Mechanism
Beijing, as a national center for scientific and technological innovation and the birthplace of China’s aerospace industry, boasts a solid foundation in the aerospace industry and abundant innovative resources. With its vigorous development pattern of “South rockets and north satellites,” it leads the country. Since 2015, the Beijing Financial Regulatory Bureau has guided the insurance industry within its jurisdiction to actively respond to the national call for the development of commercial aerospace, providing strong support for the development of the commercial aerospace industry.
A relevant official from the Beijing Financial Regulatory Bureau pointed out that the “Co-insurance Community” innovates the underwriting mechanism by underwriting the series of launch tasks of the same type of rocket in a batch manner, shortening the insurance arrangement time. Especially for the re-flight mission, it can quickly integrate the underwriting capacity, and to a certain extent, overcome the problem of large rate fluctuations caused by the lack of data accumulation.
The “Co-insurance Community” has broadened its service dimensions and deepened cooperation with enterprises in risk management. Besides risks related to launches, it has participated in multiple risk protection aspects such as commercial space launch sites, enterprise property, and personnel safety, providing full life-cycle and full industrial chain insurance services for enterprises to support their stable operation.
Building a Stable Underwriting System
Establishing a Co-insurance Community to optimize insurance services, provide sufficient and stable underwriting capacity, build a stable underwriting system for commercial aerospace, and promote the safe and healthy development of the commercial aerospace industry. Over the past decade, insurance institutions in Beijing have underwritten more than 50 launch missions, providing over 30 billion yuan in insurance coverage for nearly 30 commercial aerospace enterprises, including Xinghe Dynamics, China Academy of Sciences Aerospace, and Blue Arrow Aerospace, and supporting numerous landmark commercial aerospace launch events.
A relevant official from the Beijing Financial Regulatory Bureau stated that in the next step, they will guide the Co-insurance Community to effectively enhance its insurance service capabilities, actively improve products, services, and mechanisms, further deeply participate in the research and development process, accumulate data and information, provide strong support for the technological update and high-quality development of the industry, and build a more solid guarantee for the construction of Beijing as an international science and technology innovation center. Based in Beijing and serving the whole country, we contribute financial strength to the construction of a strong space nation.
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