Tata AIG announces launch of RPAS insurance and distribution tie-up with TropoGo1 min read . Updated: 18 Oct 2021, 12:32 PM IST
- Tropogo has established an integrated marketplace, providing a one-stop shop for the complete drone ecosystem
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NEW DELHI : Tata AIG General Insurance Co. Ltd on Monday announced the launch of Remotely Piloted Aircraft System (RPAS) insurance, and distribution tie-up with TropoGo, a deep-tech startup. Tropogo has established an integrated marketplace providing a one-stop shop for the complete drone ecosystem.
According to the press release issued by TATA AIG on 18 October, "Tata AIG has been at the forefront and has closely engaged with the Drone Federation of India to understand the various types of risks faced by drone owners and operators. Tata AIG’s RPAS insurance is a comprehensive product covering both Hull and Third-Party Liability risks faced by them. Tata AIG’s RPAS insurance also provides optional coverage for BVLOS operations, night flying, data loss liability, etc."
With the influx of new and exciting drone technologies and the recent policy changes in India, the already highly active community of drone manufacturers, tech startups, and enthusiasts are excited to make India a drone hub by 2030. Ministry of civil aviation foresees an investment of over ₹5,000 crore in the drone manufacturing industry over three years leading to annual sales turnover reaching over ₹900 crore in FY 2023-24.
“Driven by our core value of Customer First, we have co-created a market fit product with due consideration given to invaluable inputs from the Drone Federation of India (DFI). Our product fulfils the market requirement and is in line with the recommendations of the working Group formed by IRDAI on RPAS Insurance. We are confident that our RPAS insurance product shall exceed the expectations of all stakeholders in the drone ecosystem," said Sushant Sarin, president-commercial business, TATA AIG General Insurance Ltd.
“The recent liberalization of rules for owning and operating drones, coupled with the announcement of Production Linked Incentive (PLI) scheme is an important milestone that will spur high growth of this segment. TropoGo is our distribution partner that will fulfil the insurance requirements of drone owners and operators" said Sarin.
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