Asia's commercial space sector is expanding faster than local insurance capacity, leaving operators reliant on overseas reinsurers as orbital congestion emerges as a new underwriting risk.
First overhaul of the Insurance Law in more than a decade would also broaden insurers' permitted investments and lift fines to as much as 10 times illegal gains.
Markel APAC head Sucheng Chang aims to nearly double the regional book within five years, with recent expansion setting the pace and new opportunities in view.
Insurers have so far counted US$170m in preliminary claims, but the country may need up to US$5bn, or around 10% of GDP, to rebuild after the disaster.
