- In July, a subsidiary of the German insurer Allianz announced a partnership with Flock, an insurtech startup that analyzes real-time flight-risk information to provide pay-as-you-fly insurance. Allianz and Flock plan to launch the “Flock Cover” app in the U.K. sometime in 2017, which will offer recreational and commercial coverage for up to £10 million (US$13.6 million). The app is still in development as of this writing, but enthusiasts can sign up to beta test it on Flock’s website.
- Munich Re began offering commercial drone insurance in the U.S. in June in the wake of new regulations from the FAA. The product targets small and medium-sized businesses, including farms, that use drones. It covers injury and property damage coverage for drones that weigh as much as 55 pounds (25 kg).
- Founded in 2015, the insurtech startup Verifly offers on-demand drone insurance for recreational and commercial flights in the U.S. Earlier this year, Verifly partnered with Loveland Innovations to offer insurance for insurance adjustors and contractors using drones. The insurance is provided through Loveland’s IMGING drone property inspection platform.
- In May, a subsidiary of Liberty Mutual Insurance Group announced DroneInsurance.com in conjunction with the insurtech Acend. The site aims to offer a convenient place for American drone users to buy flexible insurance from brokers. As of this writing, DroneInsurance.com was still in development, though interested parties could sign up to be notified when it launches.
- Ageas, a multinational insurer based in Brussels, includes drone coverage in the U.K. under its “Back Me Up” flexible insurance platform. Customers are covered for accidental damage, theft and loss of their drone, anywhere in the world. Coverage starts at £8 (US$11) a month.
Insuring Drones – A Growing Opportunity
Drone sales are expected to total $100 billion by 2020 -- and drone accidents are keeping pace. It’s a big opportunity for insurers.