The drone insurance market size witnessed strong growth in recent years, with a current value of $1.44 billion in 2024 projected to reach $1.57 billion by 2025 at a compound annual growth rate (CAGR) of 9.0%. This substantial growth can be attributed to the rapid expansion of drone usage, the emergence of specialized policies, risk awareness, and regulatory compliance.
Forecasts project the drone insurance market size to continue its rapid growth, climbing to $2.33 billion by 2029 with a CAGR of 10.3%. This future growth will be driven by industry collaboration, the expansion of commercial applications, and growing cybersecurity concerns. Trends influencing this evolution include the integration of AI and data analytics, customizations in policies, IoT and telematics, the emergence of parametric insurance, drone fleet management solutions, and market consolidation.
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What Are The Key Driving Factors For The Growth Of The Drone Insurance Market?
The increasing number of drone accidents is directly proportional to the growth of the drone insurance market. As drones become increasingly prevalent in sectors that rely on aerial imagery such as agriculture, insurance, manufacturing, and electricity, the risk of catastrophic crashes is simultaneously rising. A report by DroneSec, a drone threat intelligence company, showed the number of drone-related incidents significantly rose throughout 2022, with an alarming increase of 130% from January 2022. This trend is a significant driver for the growth of the drone insurance market.
What Are The Key Segments Of The Drone Insurance Market Industry?
The drone insurance market is segmented by –
1) 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
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Who Are The Major Players In The Drone Insurance Market?
Major companies in the drone insurance market include Allianz Global Corporate & Specialty SE, American International Group Inc., Avion Insurance Agency Inc., Coverdrone Limited, SkyWatch Space Applications Inc., Flock Inc., CapriCMW Insurance Services Ltd., Hub International Limited, BWI Aviation Insurance Agency Inc., Thimble, Global Aerospace Inc., DroneGuard Insurance, 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.
What Are The Emerging Trends In The Drone Insurance Market?
Innovations in insurance products are creating traction in the drone insurance global market. For instance, New India Assurance Co. Ltd., launched the unmanned aircraft system (UAS/UAV/RPAS/drone) insurance in December 2022. It offers more than fifteen various add-on covers, including physical damage, theft, and accidental bodily harm to third parties or damage to their property, all catered specifically to the needs of the drone sector.
Which Region Is The Largest Player In The Global Drone Insurance Market?
North America held the largest share of the drone insurance market in 2024, followed closely by regions like Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Drone Insurance Market Report 2025 Offer?
The Drone Insurance Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Drone insurance provides insurance coverage that specifically covers costs associated with accidental bodily harm or damage caused to property/assets due to drone operations, including damages to the drones themselves.
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