ISRO for insurance of satellites despite high cost: Nair
Bangalore, Nov 24 (UNI) The Indian Space Research Organisation (ISRO) would consider buying insurance cover for the future launches despite the high cost involved in it, its Chairman G Madhavan Nair has said.
Speaking at the Customers' Meet of National Insurance Company to commemorate its 100 years of existence here last night, he said the prevailing premium rates were too expensive, be it for government or the private industry.
Insurance premium in space sector had gone up considerably. In the early 80s it was hardly about 10 per cent of the cost, but due to large failures encountered by many of the space craft manufacturers, either during the launch or in orbit, in the recent past the premium had gone up by 30 per cent. However, this year it had come down to 24 per cent.
He said ISRO was criticised for the Rs 250 crore loss due to the recent GSLV failure which was not insured. However, among all the launches made by ISRO during the last 10 years, there had been roughly 10 per cent failure which was comparable to international standards. Globally there had been 4000 odd launches and there had been 390 failures so far, he added.
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