A groundbreaking cross-border insurance policy covering a piloted aircraft has cleared a key regulatory obstacle, allowing the Shenzhen vehicle to take to the sky in Hong Kong.
Shenzhen-based aircraft developer Yivtol recently obtained a policy for an electric vertical take-off and landing (eVTOL) aircraft, underwritten in its home city but issued in neighbouring Hong Kong.
With a total liability of HK$20 million (US$2.6 million) covering the one-year period ending in June 2027, this marks the first cross-border insurance policy for China’s burgeoning low-altitude economy, according to a social media post by the Shenzhen government on Monday.
The insurance policy was a collaboration between the Shenzhen branch of the People’s Insurance Company of China Group and its Hong Kong unit. The former conducted the risk assessment and underwriting, while the latter handled local compliance and issued the formal policy in the city, according to an earlier statement by Shenzhen’s special economic zone of Qianhai, where the aircraft maker is based.
Under Hong Kong’s aviation regulations, an aircraft must carry compliant aviation insurance before it can take off or land in the city. For many mainland developers, obtaining locally recognised coverage has become a prerequisite for entering the Hong Kong market.
The new insurance policy allows Yivtol’s S-Zero aircraft, a one-seater with a maximum payload of 90kg, to fly for no more than 50 minutes at a top speed of 75km/h, according to Monday’s statement, which contained a screenshot of the policy.