About Drone Insurance
Drones are defined as remotely piloted aircraft systems and are also known as unmanned air vehicles (UAVs). Since UVAs are operated remotely, there's no risk to passengers or crew. Nevertheless, drones present a significant risk to property and life on the ground in the event of an accident. Drones can crash due to faulty and inappropriate operation, mechanical defects as well as component failure. Losses and damages could involve bodily injury to humans and animals as well as buildings and other structures. As a result, the demand for drone insurance is gaining huge momentum in recent years.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States and United Kingdom Players will contribute the maximum growth to Global Drone Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz SE (Germany), Zurich Insurance Group (Switzerland), American International Group (AIG) (United States), Global Aerospace (United Kingdom), Driessen Assuradeuren (Netherlands), ProSight Specialty (United States), Verifly (United States), SkyWatch Insurance Services, Inc. (United States), CapriCMW (Canada), Lloyd’s (United Kingdom), CoverDrone (United Kingdom), VStream Revolution (Malaysia), Avion Insurance (United States), BWI Aviation Insurance (United States), Thimble (United States), HDFC ERGO (India), ICICI Lombard General Insurance Company Ltd. (India), Tokio Marine Holdings, Inc (Japan), Flock (United Kingdom), AXA (France), QBE Insurance Group (Australia), HDI Global SE (Germany), Starr International Company, Inc. (United States), State Farm Insurance (United States), Sompo International Holdings Ltd. (Japan), KB Insurance Co., Ltd. (South Korea) and Hub International (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Drone Insurance market by Type (Commercial Drone Insurance and Private Drone Insurance) and Region.
On the basis of geography, the market of Drone Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Southeast Asia, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Government & Defense will boost the Drone Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Term Period, the sub-segment i.e. Short Term (few hours to 1 day) will boost the Drone Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Direct & Digital will boost the Drone Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Comprehensive will boost the Drone Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Drone Type, the sub-segment i.e. Small Drones will boost the Drone Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Companies are Selling Insurance Products Online
Market Growth Drivers:
The Growing Application of the UAVs for commercial purposes including Crop Science, Mapping, Filming, Photography and Surveillance, The Growing Drone sector Worldwide and The Increasing Numbers of Drone Accidents Globally
Challenges:
Presence of Large Number of Players in the Drone Insurance Market
Restraints:
Lack of Awareness May Restraint the Growth
Opportunities:
Completely New Market for Insurance Products and The Emerging Demand from Developing Countries
Market Leaders and their expansionary development strategies
In September 2022, Liberty Mutual partnered with a digital insurance distribution company REIN to provide its new insurance offering to address electronics manufacturer's drone product. A new embedded insurance is offered to purchasers of Sony’s Airpeak S1 drone which was unveiled by Sony in December 2021. The company is also looking to expand its partnership with REIN to bring more embedded insurance solutions to our partners and clients.
In October 2023, SkyWatch a leading digital insurance provider announced the acquisition of Droneinsurance.com's assets. The acquisition will allow Droneinsurance.com will open enhanced possibilities for for coverage and support through SkyWatch's comprehensive offerings and smoother experience for their clients
Key Target Audience
Drone Insurance Companies, Drone Insurance Brokers, Drone Manufacturers & Traders, Regulatory & Government Bodies, End Users, Downstream Vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.