TATA AIG unveils India’s first Satellite-based In-Orbit Third-Party Liability Insurance.

Banking & Finance

TATA AIG, India’s leading general insurance provider, announced the launch of India’s first Satellite In-Orbit Third-Party Liability Insurance policy, which will provide critical financial protection to meet the growing needs of satellite manufacturers and operators in the Indian space sector. TATA AIG‘s Satellite In-Orbit Third-Party Liability Insurance provides complete coverage for third-party bodily injury and property damage in the event of an incident involving a satellite in orbit, in accordance with international standards and best practices. The Indian space sector is rapidly expanding, with a projected market value in the tens of billions. With the privatisation of space launches, India aims to grow its worldwide launch market share fivefold to $47.3 billion by 2032. The increase in satellite launches needs strong risk management solutions.


      India's First Satellite In-Orbit Third-Party Liability Insurance: TATA AIG introduces the country's inaugural Satellite In-Orbit Third-Party Liability Insurance policy, addressing the emerging needs of satellite manufacturers and operators in India's burgeoning space sector.

      Comprehensive Coverage: The policy offers comprehensive coverage for third-party bodily injury and property damage arising from incidents involving satellites in orbit, aligning with international standards and best practices in space insurance.

      Addressing Growing Space Sector Needs: With the Indian space sector projected to reach significant market value and aiming for substantial growth through privatisation of space launches, robust risk management solutions like Satellite In-Orbit Third-Party Liability Insurance become essential.

 

     


About TATA AIG

Founded : 2001
MD & CEO : Neelesh Garg
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