Insurance compensation for Azersky satellite received in full

16:53 - 8.04.2024

April 8, Fineko/ A full insurance payment in the amount of 45 million mantas has been received for remote Earth observation satellite Azersky, which completed its mission a year ahead of schedule. The satellite was operated by space agency Azercosmos (under the Ministry of Digital Development & Transport).

ABC.AZ reports that Azercosmos’ deputy chairman of board Dunay Badirkhanov said: "We immediately started the process of receiving insurance payments last year. Given that the satellite was located in a remote location, it took some time to study this issue as an insured event. However, our long-term cooperation with insurance companies and brokers, and, most importantly, working with certain organizations, allowed us to complete the process at the planned time suitable for us."

Last April, Azersky completed its 9th mission. By that time, 105 million manats of revenue had been received from the satellite. In addition, satellite images for 150 million manats were provided to various government agencies and institutions. Thus, the economic benefit from the satellite was 1.5-fold greater than the investment. The satellite was launched on the international market through PAŞA Sığorta OJSC.