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For the longest of times, adventure sports and activity was excluded from the protective umbrella of insurance. People who would get an adrenaline rush out of high octane adventure sports, usually had to pay a price for the same, they were excluded from being insured. This was done as insurance companies are risk averse and generally do not prefer to extended coverage to any high risk activity.
That being said, as insurance itself has evolved and adapted, its risk appetite has also increased due to the advent of predictive technologies like data mining, data analytics and predictive modelling. These technologies have made it possible for insurance companies to accurately assess the risk of even the most thrill-seeking individual. This lead to the birth of adventure insurance in India.
Bajaj Allianz was the first Indian insurer to enter into the adventure insurance market in 2016, but more players have begun their foray into this market in recent years.
Here are a general list of the inclusions and exclusions of adventure insurance:
Coverage and protection against mishaps
Injuries caused due to being under the influence
Hospitalizations due to reasons other than coverage extended
Mentioned within are a list insurance companies providing adventure insurance in India.