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.
Speaking about the new offering, Sushant Sarin, President, Commercial Business, TATA AIG General Insurance, said, “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.”
The introduction of Satellite Insurance reinforces TATA AIG’s position as a market leader in Aviation Insurance. This new product was created by leveraging the company’s considerable experience controlling risk in the aviation industry.
