Apollo and Moonrock Launch Expanded Drone Insurance Solutions to Capitalize on Surging Market Demand
In an exciting development for the insurance and reinsurance sector, Apollo has expanded its offerings to include drone product liability insurance through a partnership with Moonrock. This move aims to address the increasing demand for comprehensive insurance solutions as the use of drones becomes more prevalent across various industries.
Growing Demand for Drone Insurance Solutions
According to a recent report by Insurance Business Mag, the number of active registered drone operators in the UK reached 513,860 as of March 2023. With government initiatives supporting the integration of commercial drones by 2030, the need for robust insurance products is more critical than ever.
Key Features of the New Insurance Offering
- Liability coverage for hobbyists and commercial drone operators
- Legal liability insurance tailored for drone product manufacturers
- Comprehensive policies covering various drone applications, including:
- Agricultural spraying
- Film production
- Drone deliveries
- Beyond-visual-line-of-sight (BVLOS) operations
- Electric vertical take-off and landing (eVTOL) vehicles
Innovative Partnership Between Apollo and Moonrock
The collaboration between Apollo and Moonrock is a testament to their commitment to providing innovative insurance solutions. Martin Jackson, Apollo’s class leader of aviation, commented, “We have successfully extended our offering into drone product manufacturers’ legal liability, having bound policies already and foresee that to increase as the business grows.”
A Vision for the Future of Drone Insurance
Simon Ritterband, managing director and founder of Moonrock, emphasized the transformative potential of drones across sectors. “As drones continue to revolutionize everything from agriculture to transportation, it’s clear that this booming sector demands forward-thinking, flexible insurance solutions,” he stated.
With these new offerings, Apollo and Moonrock aim to lead the way in drone insurance, ensuring that operators have the coverage needed to safely navigate the evolving landscape of drone technology.
For more information on drone insurance and related topics, visit our Insurance News page or explore [Civil Aviation Authority] for regulatory updates.
