Taking flight: the rising importance of drone insurance
How well-equipped is the UK insurance market for the predicted upsurge in drone ownership and usage over the next few years? This question was recently explored in some exclusive research via a survey commissioned by Insurance Post in conjunction with Kennedys. Seventy-four responses were received to the online survey and the respondents were senior decision makers in underwriting, claims and risk management positions in insurance companies with a UK base. The results offer a fascinating insight into the current and likely future approaches of the market to drone risks.
This research forms the basis for our ongoing campaign on the topic of drones - or unmanned aerial vehicles (UAVs). Thanks to the hard work by Tim Scorer, Stuart Farlow, Barney Winckler and Joanna Manthorpe, the project (with Insurance Post) kicked off with a feature article in the November 2017 edition of the magazine.
To follow, the whitepaper now produced dives deeper into the analysis of the findings of the survey. It is estimated that around 1.5 million UAVs (aside from those used for military purposes) are already airborne with that number expected to triple by 2020. However, the survey findings indicate that a significant 58.2% believe the insurance sector does not understand the risks involved with UAVs. Read the whitepaper now for a detailed discussion and analysis on the various risks insurers will face.
The insights gathered from this research will be used in our response to the government consultation on the draft Drone Bill, which is due to be published early next spring and will address many of the issues identified, including police powers to seize drones, drone registration and drone user safety testing.