The new product is designed to offer comprehensive coverage in the event of an incident involving an orbiting satellite. Credit: NASA/Unsplash.

Indian general insurer Tata AIG has unveiled a Satellite In-Orbit Third-Party Liability Insurance policy to address the demands of the country’s rapidly expanding space industry. 

The new insurance product, claimed to be India’s first, is designed to provide critical financial protection for satellite manufacturers and operators. 

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It is designed to offer comprehensive coverage for third-party bodily injury and property damage in the event of an incident involving an orbiting satellite. 

With the privatisation of space launches, India aims to quintuple its share in the global launch market, which is expected to reach $47.3bn (Rs3.95trn) by 2032.  

This anticipated surge in satellite launches underscores the need for risk management solutions within the sector.  

Tata AIG General Insurance is a joint venture between Tata Group and American International Group. 

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The Economic Times quoted Tata AIG General Insurance president of commercial business Sushant Sarin as saying: “We are thrilled to be the first private insurer in India to offer a satellite insurance cover. The initiative aligns perfectly with our vision of providing comprehensive risk management solutions across traditional and emerging sectors.  

“This innovative product caters to the growing needs of satellite manufacturers and operators in the Indian space sector, especially in the wake of [a] recent solar storm that highlights the potential hazards faced by orbiting spacecraft.” 

In December 2023, it was reported that Mitsui Sumitomo Insurance Group is developing an insurance solution to provide coverage for space tourism.  

The Japanese insurer is collaborating with travel agency HIS, ANA Holdings and other partners to devise an insurance solution for the nascent space tourism industry.  

Initially focusing on suborbital flights, Mitsui Sumitomo seeks to fill a gap in the market, as these flights currently lack insurance coverage and require participants to acknowledge the inherent risks.