New Delhi: The INSAT 4C satellite crash was not just a setback for ISRO's space programme, it was also a monetary disaster.
According to the DNA newspaper the 2.2-tonne satellite, which cost Rs 256 crore, was not insured.
All other INSAT satellites were launched outside India and were insured with New India Assurance. The company has insured all ISRO satellite launches, which are backed up by reinsurance cover.
DNA quoting ISRO officials said previous INSAT satellites were launched outside India and therefore insurance was needed. Satellite insurance covers in India are re-insurance driven, where over 95 per cent of the risks are reinsured with a foreign insurer and the rest is retained in India.
According to insurance analysts, insurance costs in India are as high as 20 per cent of the total cost of the satellite.
“In fact, with such high costs, ISRO may migrate to a system where it would rather invest in a spare satellite instead of on insurance premium. In any case when you plan for fleet management, it is better to plan for an additional satellite, which can fit into orbital position,” an ISRO official said.
Lloyds, which has the world’s largest syndicate of reinsurance companies, has formed a new facility for satellite insurance, which will reduce costs and improve the level of coverage available.
ISRO is planning to launch its future satellites from India. Experts say it will take India much longer time to get a dominant position in this industry.
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