satellite liability insurance
Tata AIG General Insurance has
introduced the country's first
'satellite in-orbit third-party
liability insurance'. Third-party
liability insurance is a major
requirement for private enterprises
in the satellite sector. The
government had recently allowed
100% foreign investment in the
space sector.
With privatization of space launch,
India aims to increase its global
launch market share five -fold,
which is estimated to reach $ 47.3
billion by 2032.
In-arbit covers differ from the
launch cover, which mainly focus
on the success or failure of the
vehicle launched to install satellites
in orbit. Space projection covers do
not cover the operation of the
satellite because they are usually
owned by a third party.
Sushant Sarin, president of the
commercial business of Tata AIG
General Insurance, said, "Satellite
launch requires a strong risk
management solution for this
surge."
According to Sarin, this cover
meets the growing needs of
satellite manufacturers and
operators in the Indian space
sector, especially in view of the
recent solar storm that highlights
the possible dangers in the
revolving of spacecraft.
This policy provides coverage for
third -party injuries and property
damage as a result of satellite
operating global standards and
practices.
Tata AIG General Insurance
Company Limited - An associate
venture between the Tata Group
and the American International
Group (AIG), is celebrating the 22nd
anniversary of its operation in
India this year.
