Tata AIG General Insurance has launched India’s inaugural Satellite In-Orbit Third-Party Liability Insurance policy, offering protection against third-party bodily injury and property damage arising from satellite-related incidents in orbit.
The launch of this product coincides with a period of significant expansion in the Indian space sector, propelled by the privatisation of space launches.
Tata AIG projects that the market could grow to tens of billions of dollars, with India seeking to increase its portion of the global launch market fivefold to US$47.3bn by 2032.
The insurance policy is designed to align with international standards and best practices, offering comprehensive coverage in the event of incidents involving satellites in orbit, Tata AIG said.
Sushant Sarin, President of Commercial Business at Tata AIG General Insurance, expressed enthusiasm about the launch, stating, “We are thrilled to be the first private insurer in India to offer a satellite insurance cover.
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,” Sarin added.
