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Insurance for 66.5 billion yuan (about US$8 billion) has been agreed for China's Fourth International Air Show in November, said sources with the board chairman of the Zhuhai Aviation and Aerospace Exhibition Co. Ltd.
China's largest insurance deal was signed solely by Zhuhai Aviation and Aerospace Exhibition Co. Ltd with China Pacific Insurance Company (CPIC), which has insured the former three Air Shows.
The insurance cover include items such as airframes, air show performance and life insurance. The CPIC also provides liability insurance for the exhibition hall and the audience, sources disclosed.
According to international conventions, the insurance cover will be divided by the CPIC because of its wide range, large amount and high risk, experts say.
The China International Aviation and Aerospace Exhibition is a biennial event. The first show was held in 1996 in Zhuhai, one of China's five special economic zones.
This year the exhibition will also be held in Zhuhai, the nearest mainland city to Macao, from November 4-10.
(Xinhua News Agency August 19, 2002)
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