Tata AIG to provide insurance for the unmanned aviation industry
Tata AIG and Drone Federation of India (DFI) have collaborated to create insurance products and services for the Drone Industry. The DFI, a not-for-profit industry-led body that strives to build a safe and scalable unmanned aviation industry in India, recently organized the Drone Festival of India on 6th and 7th January 2020 at New Delhi. Tata AIG General Insurance Company Limited (Tata AIG) was the insurance presenter at the festival and showcased its readiness to cater to the insurance and risk management requirements of drone manufacturers, suppliers, buyers, owners and operators.
Speaking on the development Sushant Sarin, Executive Vice President & Head Reinsurance at Tata AIG, said, “DGCA regulations make insurance mandatory during operation of remotely piloted aircraft systems. Our collaboration with DFI to launch tailor-made insurance products for drone operators, subject to necessary approvals from insurance regulator, furthers our mission to create a better tomorrow for our customers by delivering innovative risk solutions.”
Smit Shah, Director - Partnerships at DFI said, “With the government taking active steps to support drone manufacturing and drone operations in India, we will soon see proactive usage of drones in activities like mining, construction, surveillance, transport, fire-fighting, law enforcement, agricultural and topographical data acquisition, insurance assessments, media and entertainment.”
“Our association with Tata AIG will help create insurance solutions for the Drone Industry thus operationalizing a very important part of the Civil Aviation Requirements for RPAS as mandated by DGCA India," added Shah.
Tata AIG General Insurance Company Limited is a joint venture company between Tata Group and American International Group (AIG). The Company has grown strongly to emerge as the preferred private general insurance company in India with several pioneering firsts to its credit. Tata AIG’s broad portfolio of protection covers are backed by years of professional expertise in product offerings, exceptional service capabilities and seamless claims process management. It has an asset base of approximately Rs 10,050 crores (as of 31st March 2019).