Page 5 - Insurance Times November 2021

General Insurance

News

Digit Insurance to use AIG has been at the forefront and the customers to provide enhanced
closely associated with the Drone Fed- customer delight,' a company press
funds to grow market eration of India to understand the dif- release said.
share ferent types of risks faced by drone Further, in consonance with the Digi-
Digit Insurance, which recently raised owners and operators. Tata AIG's RPAS tal India initiative of the government
funds at a valuation of $3.5 billion, is Insurance is a comprehensive product of India, Oriental Insurance is also
seeing an opportunity to scale up busi- covering both resolved and third-party launching 'customer-centric online
ness in the current fiscal as several in- liability risks. Tata AIG's RPAS Insur- products for a better customer expe-
surers are facing capital constraints in ance also provides optional coverage rience.'
the wake of adverse claim ratios. With for BVLOS operations, night flight,
capital at nearly thrice the statutory data loss liability, etc." Registration renewal of
requirement, the company also has With the influx of new and exciting
tech infrastructure to support growth. drone technologies and recent policy vehicles over 15 years old
changes in India, the already highly to cost 8 times more
The private insurer, which is already
ranked 15th among the 30 non-life active community of drone manufac- Owners of cars that are more than 15
companies (including health), has re- turers, tech startups and enthusiasts years old will have to shell out eight
corded a gross written premium of Rs are excited to make India a drone hub times more money to renew their reg-
2,196 crore for the first half of FY22, by 2030. istration, according to a notification
which is 67% more than the same pe- issued by the Ministry of Road Trans-
riod of the previous fiscal. Currently, Oriental Insurance cel- port and Highways, as the Centre pre-
around 55% of its premium comes from ebrates the company's pares ground to phase out old and
motor insurance. polluting vehicles in line with the na-
75th Foundation Day tional vehicle scrappage policy.
Tata AIG to launch RPAS To mark its 75th foundation year, Ori- According to the notification, these

insurance ental Insurance Company celebrated rules may be called the Central Motor
the occasion by carrying out Covid test
Tata AIG General Insurance Company Vehicles (23rd Amendment) Rules,
Limited announced the launch of Re- and vaccination drive, besides health 2021, and shall come into force with
motely Piloted Aircraft System (RPAS) check-up, at its headquarters and of- effect from April 1, 2022.
insurance and distribution tie-up with fices across the country. Registration renewal of a 15-year-old
deep-tech startup Tropogo. Tropogo These activities were carried out at car will now cost Rs 5,000, compared
has established an integrated market- the organisations' Regional/Operating to the existing fee of Rs 600. For mo-
place that provides a one-stop shop for Offices all over India. tor bikes that are more than 15 years
the entire drone ecosystem.
'In the 75th year of its existence, the old, the renewal charge will now be Rs
According to the press release, "Tata Company will focus on connecting with 1,000, compared to the existing Rs

The Insurance Times, November 2021 5