Allianz Global and Corporate is teaming up with Flock, an app-based insurance provider, to promote drone insurance cover to a wider market. Drone use, especially in the commercial sector is growing rapidly, and has obvious benefits when it comes to assessing flood, fire or major incident damage, plus offering a live monitoring facility on major construction projects.
Flock offers real-time data, such as weather conditions, operator profiles, official notices to airmen/airports, plus local environment information, such as the location of large buildings, sensitive military installations etc. As drones increase in size and flying capability, insurance becomes more important as the potential risks grow.
And that market is growing rapidly. Allianz estimates that the number of drone flights will triple by 2020 and the overall value of the commercial drone flight sector could reach $127 billion by then. It seems likely that some type of commercial operator registration scheme, with mandatory insurance, will be introduced in the USA, EU and other major markets in the next few years.
Flock will offer PAYG – or more accurately, pay as you fly – insurance cover on its app, and Allianz will effectively underwrite the risk.