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Drone Insurances Market Growth Analysis: Trends, Share, and Strategic Outlook Report to 2033
Drone Insurances Market
The Business Research Company offers in-depth market insights through Drone Insurance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The drone insurance market size has grown strongly in recent years. It will grow from $1.33 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rapid growth in drone usage, regulatory compliance, emergence of specialized policies, risk awareness.
The drone insurance market size is expected to see strong growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to industry collaboration, expansion of commercial applications, cybersecurity concerns. Major trends in the forecast period include technological advancements, integration of ai and data analytics, customized policies, integration of iot and telematics, emergence of parametric insurance, drone fleet management solutions, market consolidation.
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Market Segmentation:
The drone insurance market covered in this report is segmented -
1) By Coverage Type: Liability Coverage, Hull Damage, Theft Coverage, Loss or Flyaway Coverage, Payload Coverage, Personal Injury Coverage, Ground Equipment Coverage, Other Coverage Types
2) By Pricing: Hourly, Monthly, Annually
3) By Application: Commercial, Personal, Other Applications
Major Driver - Rising Drone Accidents Boost Demand For Drone Insurance
The increasing number of drone accidents is expected to drive the growth of the drone insurance market over the coming years. Drones are currently engaged in a variety of sectors that rely on aerial imagery, such as agriculture, insurance, manufacturing, electricity and others. As drones become more and more prominent, the risks of a catastrophic crash happening are increasing. For instance, according to DroneSec, a drone threat intelligence company , overall, the number of drone incidents increased significantly throughout 2022, culminating at 223 incidents in November 2022, a 130% increase from January 2022. Therefore, the increasing number of drone accidents drives the growth of the drone insurance market.
Competitive Landscape:
Major companies operating in the drone insurance market report are Allianz Global Corporate & Specialty SE, American International Group Inc., Avion Insurance Agency Inc., P. H. Driessen Holding B. V., Coverdrone Limited, SkyWatch Space Applications Inc., Flock Inc., CapriCMW Insurance Services Ltd., Hub International Limited, Air1 Insurance, BWI Aviation Insurance Agency Inc., Thimble, Global Aerospace Inc., DroneGuard Insurance, DroneShield Limited, EagleView Technology, InsureMyDrone, IFR Drones Ltd., Scott Sky Smith Specialty Insurance, VOLANTE GLOBAL LIMITED, U. S. Aviation Underwriters Inc., Liberty Mutual group, Starr Insurance Companies, Hanover Insurance Group Inc., Phoenix Air Unmanned LLC, Pantaenius Holding Gmbh, AON PLC, QBE Insurance Group Limited, Precision Autonomy Insurance, Apollo Insurance
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Top Trend - Innovative Drone Insurance Products On The Rise
The launch of different and innovative insurance products is a major trend gaining popularity in the drone insurance global market. Major companies operating in the drone insurance sector are focusing on developing advanced solutions for drone insurance. For instance, in December 2022, New India Assurance Co. Ltd., an India-based public sector general insurance company, launched the unmanned aircraft system (UAS/UAV/RPAS/drone) insurance, becoming the first public sector player to enter the segment. Its product offers more than fifteen various add-on covers, including physical damages, theft, and accidental bodily harm to third parties and/or damage to their property, all of which are tailored to meet the needs of the drone sector.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Drone Insurance Market Characteristics
3. Drone Insurance Market Trends And Strategies
4. Drone Insurance Market - Macro Economic Scenario
5. Drone Insurance Market Size And Growth
…..
27. Drone Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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