With drones put to use amid lockdown, new insurance products could be launched
Insurance regulator sets up panel to work out products covering risks related to drone use
New Delhi: IRDAI has set up a working group to suggest insurance products covering various risks involved in use of drones.
In a circular, the Insurance Regulatory and Development Authority of India (IRDAI) said drones are emerging as one of the fastest growing technology and are being used for a variety of purposes.
It also noted that drones are playing a significant role in the current COVID-19 situation, assisting various authorities in several activities.
“There is an immediate need to make available suitable insurance products covering the various risks involved in the use of drones,” Irdai said while constituting the working group.
The nine-member panel headed by Anjan Dev, General Manager of The New India Assurance Co, has been asked to study and understand the insurance needs of Remotely Piloted Aircraft System (RPAS) owners and operators.
IRDAI has tasked the group to make recommendations relating to design and development of product/s meeting the needs of RPAS owners and operators, including third party liability.
It will also make recommendations relating to underwriting of such risks including re-insurance perspective and examining any other relevant matter relating to the subject.
The working group has been asked to submit its report within six weeks.
Earlier this month, the Civil Aviation Ministry issued draft rules for making and using drones in the country, proposing that an authorised manufacturer or importer can sell its devices only to an individual or entity approved by the aviation regulator DGCA.
The use of drones has increased due to the coronavirus-induced lockdown for purposes like surveillance, disinfection and videography.
The rules said each drone importer, manufacturer, trader, owner and operator will need to take approval from the Directorate General of Civil Aviation.
An authorised unmanned aircraft system (UAS) importer or manufacturer must not sell a UAS to any person except an authorised trader or owner, as per the draft rules.