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IRDAI forms working group to look into drone insurance

India’s insurance regulator, the Insurance Regulatory and Development Authority on Wednesday formed a working group to look into and make recommendations for insurance of drones. The group consists of members from the regulator, as well as from public and private sector insurance and reinsurance companies such as SBI General Insurance and Tata AIG. The group is being headed by Anjan Dey, general manager of the New India Assurance, a public sector insurance company. Tasks of the working group: The group has until 6 weeks to submit a report encompassing various aspects of drone insurance, including: Study and understand the insurance needs of drone owners and operators Make recommendations about the kind of insurance products that can meet the needs of drone owners and operators, including third-party liability Make recommendations relating to the underwriting of such risks including the re-insurance perspective. Composition of the working group: There are 9 people in the group, including a chairman, seven members, and one convenor: Anjan Dey, general manager, The New India Assurance (Chairman) Arthi Mathur, general manager, Oriental Insurance Company (Member) Savio Fernandes, deputy general manager, General Insurance Corporation of India (Member) S Vishwanathan, head of commercial lines underwriting, SBI General Insurance (Member) Diptanshookumar, deputy Vice President, Tata AIG (Member) TA Ramalingam, chief technical officer, Bajaj Allianz (Member) C Latha, IRDAI (Member) Mukesh Kewalramani, IRDAI (Member) Ajay Kumar, IRDAI (Convenor) “Drones are emerging as one of the fastest-growing technologies and are being used for a variety of purposes. Their numbers are growing rapidly. Drones are playing a…

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