“We have the privilege of insuring Skyroot’s Vikram-1 mission. As India enters the new space era with private launch providers, NIA is extending its expertise to the commercial space ecosystem. The successful orbital mission of Skyroot Aerospace and deployment of multiple commercial payloads marks a key milestone for all the stake holders of expanding Indian space economy,’’ said Girija Subramanian, CMD, NIA.
Mumbai:New India Assurance (NIA), the country’s largest non-life multinational insurer, has insured Skyroot Aerospace’s Vikram-1 mission, making it the first privately manufactured Indian orbital rocket to receive such cover from the public sector insurer.
Skyroot Aerospace, an Indian private space tech company that builds on-demand launch vehicles to deliver small satellites into orbit, launched Vikram-1 on July 18. from Sriharikota, carrying a diverse set of domestic and international customer payloads.
“We have the privilege of insuring Skyroot’s Vikram-1 mission. As India enters the new space era with private launch providers, NIA is extending its expertise to the commercial space ecosystem. The successful orbital mission of Skyroot Aerospace and deployment of multiple commercial payloads marks a key milestone for all the stake holders of expanding Indian space economy,’’ said Girija Subramanian, CMD, NIA.
Subramanian further added that, building on decades of experience, NIA is positioned to offer specialised insurance solutions covering launch vehicles, satellites, payloads and associated liabilities, supporting India’s ambition to become a leading global space power.
Unlike several other large and complex risks that are typically shared among multiple insurers, NIA has single-handedly underwritten the Vikram-1 mission through a comprehensive Launch Third-Party Liability Insurance Policy.
The policy is backed by prestigious global space underwriters, including state-owned reinsurer GIC Re.
Space Launch Third-Party Liability Insurance Policy protects operators against claims for bodily injury or property damage caused to third parties during pre-launch, rocket ascent, and early-orbit phases. It satisfies legal duties under the 1972 Liability Convention alongside India’s own historic Indian Space Policy 2023 administered by IN-SPACe.
Global re/insurance broker Aon has acted as an intermediary for the reinsurance deal.
However, no financial details like premium and sum assured of the cover have been disclosed.
Four decades of space insurance expertise
Vikram-1 is the latest addition to NIA’s long history of providing insurance protection for India’s space programme.
The last space cover by NIA was of GSAT -20 which was launched on 19th Nov,2024. NIA had issued a comprehensive launch insurance cover for GSAT-20.
The insurer’s involvement in space insurance dates back more than four decades. NIA participated in insuring India’s first insured satellite mission in 1982, marking the beginning of domestic underwriting of space risks.
Since then, the insurer has supported several Indian Space Research Organisation (ISRO) missions, including the INSAT, GSAT, CMS and EOS series, providing cover for launch and in-orbit risks through Indian insurance consortia supported by international reinsurance markets.
Analysts expect there will be now more opportunities for spacecraft insurance in India as government reforms are accelerating the growth of India’s space economy.
Valued at approximately $ 8.4 billion today, the sector is projected to grow five-fold to $40–45 billion by 2030. It is further aimed to reach $100 billion by 2040.
Sustained government support, enabling regulations and strong public-private partnerships continue to drive this growth, positioning India as a global hub for space technology, manufacturing, innovation and commercial space activities.