Insurers focus on drone market; NIA new entrant

More players are jumping into the drone insurance market in India. After HDFC Ergo, ICICI Lombard and Tata AIG, public sector New India Assurance has launched the unmanned aircraft system insurance.

According to the firm, the ‘New India Unmanned Aircraft System (UAS/ UAV/ RPAS/ Drone) Insurance’ will cover large aircraft to solo flying gliders. Coverage will be offered to drone owners, operators and manufacturers. “The product provides a diverse option of over 15 different add-on covers for customers to pick and choose from. These add-on covers are designed as per the drone industry’s requirement. The policy covers physical damage to the aircraft and its theft. It also provides cover for accidental physical injury to the third party and/or damage to their property due to the aircraft’s operations,” New India said.

The policy is designed to cover fixed wing, rotor wing and hybrid UAS that can be controlled remotely (with pilot intervention) or autonomous drones (without pilot intervention). These aircraft are generally deployed for military and non-military applications, including surveillance, geography and infrastructure inspections and aerial photography.

Neerja Kapur, Chairman cum Managing Director, New India, said, “India’s drone manufacturing industry clocked annual sales of Rs 60 crore in FY 2021 and is expected to grow to Rs 900 crore by FY 2024.”