SBC covers insurance risk of Bangabandhu Satellite-1

The Sadharan Bima Corporation (SBC) has insured Bangabandhu Satellite-1, the country's first satellite into the earth's orbit, officials said.

Under a deal signed with Bangladesh Telecommunication Regulatory Commission (BTRC), the state-run insurer will cover the 'in-orbit' risk of the satellite until next July.

During the period, the corporation will cover risks to the tune of 140 million euro.

The annual premium of the policy is 0.683 million euro and the government will receive 88,867 euro as value-added tax from the deal.

SBC managing director Syed Shahriyar Ahsan told the FE on Sunday that they have the capacity to provide insurance coverage for large companies.

The corporation has also insured multiple mega projects like Matarbari coal-fired power plant and Dohazari-Cox's Bazar single line dual-gauge rail track.

Padma Bridge rail link, Rooppur nuclear power plant, Bangabandhu Tunnel and metro rail projects also come under SBC insurance coverage, Mr Ahsan mentioned.

He said the take-off period insurance risk of the geostationary communications satellite was covered by a foreign firm.

For the first time, a local company has now covered the risk of the satellite, the SBC official added.

"The signing of the insurance deal with SBC is meant to keep local resources within the country instead of sending them abroad."

"Covering risks of large companies helps raise public confidence in SBC and other insurers," Mr Ahsan said.