Tata AIG General Insurance Co. Ltd on Monday announced the launch of Remotely Piloted Aircraft System (RPAS) Insurance and distribution ties up with TropoGo, a deep tech startup. Tropogo has successfully established an integrated marketplace providing a one-stop shop for the complete drone ecosystem.
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 start-ups, and enthusiasts are excited to make India a drone centre by 2030.
Ministry of Civil Aviation foresees an investment of over Rs 5000 crore in the drone manufacturing industry over three years leading to annual sales turnover reaching over Rs 900 crores in FY 2023-24.
Sushant Sarin, President - Commercial Business, TATA AIG General Insurance Limited, said in a press release the company has co-created a market fit product with due consideration given to invaluable inputs from the Drone Federation of India (DFI).
“Our product fulfills the market requirement and is in line with the recommendations of the working Group formed by IRDAI of India on RPAS Insurance. We are confident that our RPAS Insurance product shall exceed the expectations of all stakeholders in the drone ecosystem,” he said.
The recent liberalisation of rules for owning and operating drones coupled with the announcement of Production Linked Incentive (PLI) Scheme is an important milestone that will spur the high growth of this segment. We are excited to have TropoGo as our distribution partner to fulfil the insurance requirements of drone owners and operators, he added.
Sandipan Sen, founder and product owner of TropoGo, said, "We are extremely happy and excited with our association with Tata AIG General Insurance Co Ltd. Our alliance with Tata AIG further strengthens our capability to offer a comprehensive insurance cover for Drones. We strongly believe in fuelling the booming drone ecosystem by collaborating with industry leaders and a growing community of RPA Pilots to bring innovative product and tech solutions to them.”