India has ventured into the space insurance sector following significant losses in the global market. Indian insurance specialist Tata AIG has announced that it is leveraging its 22 years of aviation experience to offer satellite in-orbit third-party liability insurance. This innovative product aims to meet the needs of Indian satellite manufacturers and operators, especially considering the recent threats posed by solar storms to orbiting spacecraft. The global space insurance market has faced a challenging period with approximately $2 billion in claims over the past 12 months and rising premium rates. Despite uncertainties in the space sector, Tata AIG plans to provide first-party property damage insurance for satellites and launch vehicles during pre-launch, launch, and in-orbit operations. The increase in space activities and India’s efforts to secure a larger share in the global space economy aim to make the insurance market more sustainable.
Source and Details: SpaceNews