$250 million ChinaSat-18 loss looming over insurers
WASHINGTON — The apparent failure of the ChinaSat-18 telecom satellite,
which remains in a transfer orbit more than a week after launch, has underwriters bracing for a claim that is all but certain to wipe out space insurance profits for a second year in a row.
China Satcom’s ChinaSat-18 satellite,which industry sources told SpaceNews was insured for $250 million, encountered a potentially mission-ending problem following its reportedly successful Aug. 19 launch aboard a Long March 3B rocket.
Though underwritten by the People’s Insurance Company of China, ChinaSat-18
was reinsured on the international market,meaning foreign insurers are likely on the hook for much of any claim China Satcom files, industry sources said.
SpaceNews.com
https://spacenews.com/250-million-chinasat-18-loss-looming-over-insurers/