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

“There is an immediate need to make available suitable insurance products covering the various risks involved in the use of drones,” the insurance regulator said in a circular.

Drones are emerging as one of the fastest growing technologies and are being used for a variety of purposes and were playing a ‘significant’ role in the present Covid-19 situation helping the authorities in several activities, IRDAIsaid.

The nine-member panel, headed by Anjan Dev, General Manager, New India Assurance Co, has been asked to study and understand the insurance needs of Remotely Piloted Aircraft System (RPAS) owners and operators.

Apart from making recommendations on design and development of products meeting the needs of RPAS owners and operators, including third party liability, the group will suggest measures relating to underwriting of different risks.

Published on June 25, 2020

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