PICC LEADS SATELLITE INSURANCE CONSORTIUM

CHINA’S largest non-life insurer PICC Property and Casualty Company headed a consortium of 17 domestic insurers in underwriting the launch of a Venezuelan communications satellite. As well as satellite prelaunch insurance, rocket prelaunch insurance and the third-party liability for the launch mission, the cover includes protection for the satellite in orbit for a year, according to an AM Best report, yesterday. It added the satellite, which launched in Xichang, China, would provide services for Venezuelan television and radio broadcast, data communications, broadband multimedia, long-distanced medical service and education.