Hyderabad, October 21, 2021: With use of drones in India liberalized, can drone insurance be far behind?
Tata AIG General Insurance  has launched Remotely Piloted Aircraft System (RPAS) Insurance and distribution ties up with TropoGo, a deep tech startup with  an integrated marketplace for the complete drone ecosystem.
Tata AIG has closely engaged with the Drone Federation of India to understand the various types of risks faced by drone owners and operators.  Its RPAS Insurance is a comprehensive product covering both Hull and Third-Party Liability risks faced by them. It also provides optional coverage for Beyond Visual Line of Site (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  hoping to make India a drone hub by 2030. The Ministry of Civil Aviation foresees an investment of over  Rs 5000 crore ( Rs 50 billion) in the drone manufacturing industry over three years leading to annual sales turnover reaching over  Rs  900 crores  ( Rs 9 million) in 2023-24 ( data: Ministry of Civil Aviation press release 16 September  2021)
Says Sushant Sarin, President - Commercial Busin ess, TATA AIG General:“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 of India on RPAS Insurance. We are confident that our RPAS Insurance product shall exceed the expectations of all stakeholders in the drone ecosystem.”
“The recent liberalisation of rules for owning and operating drones coupled with announcement of Production Linked Incentive (PLI) Scheme is an important milestone that will spur 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” said Mr Sarin.
Adds Sandipan Sen, founder and product owner of TropoGo: "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.”
Find the TropoGo app from Google Play Store or iOS app store