TATA AIG debuts India’s first satellite liability insurance

Monday, 20 May 2024 03:00 - - {{hitsCtrl.values.hits}}

TATA AIG has unveiled India’s first satellite in-orbit third-party liability insurance policy, targeting the specific needs of satellite operators and manufacturers within the country’s rapidly growing space industry.

This policy offers coverage for third-party injuries and property damage resulting from satellite operations, complying with global standards and practices.

As India’s space industry is projected to experience substantial growth, with market estimates reaching into the tens of billions of dollars, the nation is positioning itself to capture a significant portion of the global launch market, expected to value at $ 47.3 billion by 2032, according to the World Economic Forum.

The increased frequency of satellite launches emphasised the critical need for comprehensive risk management strategies.

TATA AIG General Insurance President of commercial business Sushant Sarin commented on the new product launch.

“We are thrilled to be the first private insurer in India to offer a satellite insurance cover. The initiative aligns perfectly with our vision of providing comprehensive risk management solutions across traditional and emerging sectors. This innovative product caters to the growing needs of satellite manufacturers and operators in the Indian space sector, especially in the wake of recent solar storm that highlights the potential hazards faced by orbiting spacecraft. We are confident that this will empower Indian satellite companies to operate with greater confidence and contribute to the nation’s spacefaring ambitions,” he said.