Tuesday, October 19, 2021

Tata AIG rolls out drone insurance

Mumbai: Tata AIG has announced a remotely piloted aircraft system (RPAS) insurance and distribution tie-up with drone marketplace TropoGo. The launch follows the insurance regulator Irdai’s directions to the non-life industry to come up with a comprehensive cover for drones, for both liability as well as physical damage to the hull.

Tata AIG’s RPAS insurance includes drones and is a comprehensive product covering both hull and third-party liability risks faced by them. It also provides optional coverage for beyond visual line of sight (BVLOS) operations, night flying, and data loss liability.

TropoGo has established an integrated marketplace providing a one-stop shop for the complete drone ecosystem, while Tata AIG has been at the forefront and has closely engaged with the Drone Federation of India (DFI) to understand the various types of risks faced by drone owners and operators. The civil aviation ministry foresees an investment of over Rs 5,000 crore in the drone manufacturing industry over three years, leading to annual sales turnover reaching over Rs 900 crore by FY24.

“We have co-created a market-fit product with due consideration given to invaluable inputs from the DFI. Our product fulfils the market requirement and is in line with the recommendations of the working group formed by Irdai on RPAS insurance,” said TATA AIG General Insurance president (commercial business) Sushant Sarin.

19/10/21 Times of India

To Read the News in full at Source, Click the Headline


Post a Comment