IRDAI sets up panel to suggest insurance products covering risks involved in use of drones

The Insurance Regulatory and Development Authority of India (IRDAI) has set up a working group to suggest insurance products covering various risks involved in use of drones. It 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.

The regulator said there is an immediate need to make available suitable insurance products covering the various risks involved in the use of drones. 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.