Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz SE, has partnered with InsurTech start-up, Flock, to launch the UK’s first pay-as-you-fly drone insurance.

The partnership’s first product, to be launched later this year in the UK market, is a mobile app (for Android and iOS devices) enabling operators to purchase ‘pay-as-you-fly’ drone insurance.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

According to the AGCS report Rise of the Drones – Managing the Unique Risks Associated with Unmanned Aircraft Systems , drones are fast becoming a multi-billion dollar industry, as the number of recreational users grows and the benefits businesses can gain from utilizing such innovative technology becomes apparent. The number of UAS is set to triple by 2020.

Globally, the Unmanned Aircraft Systems (UAS) market volume is forecast to reach 4.7m units by 2020 (other estimates are even higher), with the market for commercial application of UAS technology estimated to soar from $2bn to $127bn

However, the increasing number of drones in the skies also brings new risks, such as collision with aircraft, buildings and people.

The number of near-misses with aircraft is a growing concern, resulting in the UK government’s announcement that drones of a certain size will need to be registered and users take a safety test in future.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Brian Kirwan, UK CEO, AGCS said: “Twenty-two incidents involving commercial airliners and possible drones were investigated by the Civil Aviation Authority’s Airprox Board in the first four months of this year alone. As drone usage increases, new risk exposures will emerge including the risk of cyber-attacks and terrorism.

“Further incidents are also likely to occur once regulations are finalized that strike a balance between reaping the benefits of drones and minimizing misuse. Future incidents could result in multi-million pound claims against businesses, operators and manufacturers.”

Ed Leon Klinger, Flock’s CEO, said “Flock is reinventing drone insurance from the ground up. Increasing drone use will bring complex risks. Flock uses cutting edge data analytics to identify and quantify these risks and together with Allianz, you’re now able to insure against them.”