Global Drone Insurance Market Size and Forecast 2024-2033|Allianz Global Corporate & Specialty SE, American International Group Inc., Avion Insurance Agency Inc., P. H. Driessen Holding B. V., Coverdrone Limited

The Drone Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Drone Insurance, 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.

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.

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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

The launch of different and innovative insurance products is a major trend gaining popularity in the drone insurance global market. Major companies operating in the drone insurance sector are focusing on developing advanced solutions for drone insurance. For instance, in December 2022, New India Assurance Co. Ltd., an India-based public sector general insurance company, launched the unmanned aircraft system (UAS/UAV/RPAS/drone) insurance, becoming the first public sector player to enter the segment. Its product offers more than fifteen various add-on covers, including physical damages, theft, and accidental bodily harm to third parties and/or damage to their property, all of which are tailored to meet the needs of the drone sector

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 Market – Macro Economic Scenario

5. Global Drone Insurance Market Size and Growth

26. South America Drone Insurance Market

27. Brazil Drone Insurance Market

28. Middle East Drone Insurance Market

29. Africa Drone Insurance Market

30. Drone Insurance Market Competitive Landscape And Company Profiles

Top Major Players: