Overview and Scope
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.
Sizing and Forecast
The drone insurance market size has grown strongly in recent years. It will grow from $1.33 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rapid growth in drone usage, regulatory compliance, emergence of specialized policies, risk awareness.
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.
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Segmentation & Regional Insights
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
North America was the largest region in the drone insurance market in 2023. The regions covered in the drone insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The drone insurance market report table of contents includes:
1. Executive Summary
2.Drone Insurance Market Characteristics
3. Drone Insurance Market Trends And Strategies
4.Drone Insurance Impact Of COVID-19
5. Drone Insurance Market Size And Growth
6. Drone Insurance Segmentation
7.Drone Insurance Regional And Country Analysis
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27. Drone InsuranceCompetitive Landscape And Company Profiles
28.Drone Insurance Key Mergers And Acquisitions
29.Drone Insurance Future Outlook and Potential Analysis
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