Press release
Drone Insurance Market Set For Significant Reveneu Growth, During The Forecast 2024-2033
Drone Insurance Market
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.
Market Overview -
Drone insurance is the insurance that covers the costs associated with accidental bodily harm or damage caused to property or any assets due to drone operations. The drone insurance also covers the cost associated with damage in drones. The drone insurance provides insurance coverage for drones.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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