NIC’s drone insurance policy getting good traction

With the surge in sale of unmanned aerial vehicles (UAVs) or remotely piloted aerial systems, the drone insurance policy of the National Insurance Co (NIC), the first-of-its-kind from a PSU general insurer, is getting a good traction in the market.

Mr.Ashok Kumar Lahuty,appointed actuary and chief risk officer told that it has already written some drone policies. Besides, it is getting lot of proposals and queries in this regard. The areas where it has issued policies include agriculture, training, BVLOS, survey and mapping, aerospace and materology and aerial photography. “It is going to be a huge market,” said Lahuty.

According to The Drone Rules, 2021, drones can be significant creators of employment and economic growth due to their reach, versatility, and ease of use, especially in India’s remote and inaccessible areas. “India has the potential to be global drone hub by 2030,” it added.

Based on their weight, drones can be divided into five categories – nano (weighing up to 250 g), micro (250 g to 2 kg), small (2-25 kg), medium (25-150 kg), and large (over 150 kg). All drones except nano require a licenced pilot and permit from the Director General of Civil Aviation (DGCA). Altitude and speed restrictions vary across categories.