ISRO likely to purchase first insurance policy for satellite

According to the information from sources, the Indian Space Research Organisation (ISRO) is eying to buy its first insurance policy for a domestically launched space satellite, the first since it began launching satellites in 1975.
There can be two factors which are expected to have been influencing ISRO to begin buying satellite insurance.

Firstly, there is an unexpected setback in Project Chandrayaan-2, which cost nearly INR10 billion (US$139.4 million). Secondly, there is the success of ISRO’s Mars mission, which brought down reinsurance rates for Indian space exploration activities.

While ISRO has not insured launches conducted on Indian soil, it has typically insured launches done in partnership with other countries, such as Russia and the US. New India Assurance and other state-owned insurers were typically those tapped to provide cover for these projects, with reinsurance from the international market.

Author: Shashi Kumar Aansoo

A General Insurance Professional, Inspiring Dad, Lovingly Hubby, Beloved Brother, Trustworthy Friend & I'm My Favorite.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.