China Finance News, May 26 (Reporter Guo Weiying) – In March 2025, the Beijing Financial Regulatory Bureau guided 20 insurance institutions in Beijing to establish the country’s first commercial aerospace co-insurance body—the Beijing Commercial Aerospace Insurance Co-insurance Body (hereinafter referred to as the “Co-insurance Body”). On May 21, 2025, at 12:05, the first project served by the Co-insurance Body—the Zhongke Yuhang Lijian-1 Y7 carrier rocket—was successfully launched from the Dongfeng Commercial Space Innovation Experimental Zone. The rocket adopted a “one rocket, six satellites” configuration, successfully sending the Taijing-3 04 satellite, Taijing-4 02A satellite, Xingrui 11 satellite, Xingjiyuan-1 satellite, Cube 108001 satellite, and Xiguang-1 02 satellite into their designated orbits.
Insurance Coverage and Service Efficiency
This batch of satellites is primarily used in fields such as urban planning, environmental monitoring, and meteorological detection. To ensure the smooth implementation of this launch mission, the Co-insurance Body leveraged its strong and professional service advantages, pooling the underwriting capabilities of all members to provide nearly 100 million yuan in risk coverage. The Co-insurance Body also offered full-process services from inquiry to underwriting and policy issuance. The overall insurance application cycle has been shortened by 20%, fully meeting the insurance protection needs of enterprises.
Policy Support and Industry Collaboration
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.” The policy 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 demonstrates the advantages of the Co-insurance Community in gathering industry forces and promptly responding to the insurance demands of commercial aerospace enterprises. This initiative 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.
Innovations and Service Expansion
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.
Innovating the Underwriting Mechanism: The Co-insurance Community underwrites the launch missions of the same type of rocket series in batches, shortening the insurance arrangement time. For re-launch missions, the underwriting capacity can be quickly integrated, overcoming the problem of large rate fluctuations caused by less data accumulation.
Broadening Service Dimensions: The Co-insurance Community has deepened cooperation with enterprises in risk management. Besides risks related to launches, it has participated in the risk protection of 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.
Enhancing Guarantee Capacity: The establishment of the Co-insurance Community aims 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.
Future Plans
In the next step, the Beijing Financial Regulatory Bureau will guide the Co-insurance Community to effectively enhance its insurance service capabilities, actively improve products, ser
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