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Bengaluru, May 13, 2024 – TATA AIG, a leading general insurance provider in India, today announced the launch of India’s first Satellite In-Orbit Third-Party Liability Insurance policy to provide critical financial protection in order to cater to the growing needs of satellite manufacturers and operators in the Indian space sector. TATA AIG’s Satellite In-Orbit Third-Party Liability Insurance offers comprehensive coverage for Third-Party Bodily Injury and Third-Party Property Damage, in the event of an incident involving a satellite in orbit, aligning with international standards and best practices.
The Indian space industry is experiencing phenomenal growth, with a projected market size reaching into the tens of billions. With the privatisation of space launches, India targets a five-fold increase in its global launch market share, projected to reach $47.3 billion by 2032. This surge in satellite launches necessitates robust 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 strengthens TATA AIG’s position as a leader in Aviation Insurance. This new product has been developed by leveraging the company’s extensive experience in managing risk within the aviation sector.