According to the industry sources, The New India Assurance Company bagged a contract worth Rs. 42 crores for providing insurance coverage to two satellite’s GSAT – 7 and INSAT – 3D launched by Indian Space Research Organization. These two launches were made from the Kourou French Guiana Space Centre – France in the month of July and August 2013.
Indian Space Research Organization, in addition to the above, has also initiated the Mars orbit mission from Sriharikato. However, as informed by the sources, the organization has not taken any insurance coverage from any of the insurance companies.
The decision for not to take insurance coverage for Mars orbit mission was due to the fact that the mission involves high cost for securing the cover. In addition to this, the organization has a policy of not taking insurance coverage for its domestic launches; it takes covers for launches made from foreign soils only.
With regard to the chargeability of premium amount for this kind of coverage’s, insurance sources said that while an agency with a good track record will have to pay a low premium whereas a agency with low success ratio will have to shell out more premium amount.
New India Assurance Company Limited, which is 100% government, owned multi – national general insurance company, has declared a rise in profit by 3 times to Rs. 644 crores for half year ending September 2013. Its GWP stood to Rs. 6,906 crores, posting a hefty growth of 12.5% for the same year.
