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What fueled the previous growth in the drone insurance market?

There has been substantial growth in drone insurance market size in recent years. The market, currently valued at $1.44 billion in 2024, is expected to reach $1.57 billion in 2025, witnessing a compound annual growth rate (CAGR) of 9.0%. This increase during the historic period is a result of the surge in drone utilization, compliance with regulations, the introduction of specific policies, and heightened risk awareness.

What will be the drone insurance market size in the future?

In the forthcoming years, the drone insurance market is predicted to experience swift expansion, with its value anticipated to hit $2.33 billion by 2029 at a compound annual growth rate (CAGR) of 10.3%. This surge within the forecast period is associated with factors such as industry partnerships, the enlargement of commercial utilization, and cybersecurity issues. During the forecast period, principal trends are expected to be technological developments, the merger of artificial intelligence and data analytics, tailored policies, the incorporation of the Internet of Things and telematics, the rise of parametric insurance, drone fleet management solutions, and market consolidation.

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What main drivers are fueling expansion in the drone insurance market?

The drone insurance market is projected to expand in the coming years, largely due to the growing number of drone accidents. Currently, sectors such as agriculture, insurance, manufacturing, and electricity leverage drones for aerial imagery. However, as drones become increasingly prevalent, the probability of disastrous crashes elevates. DroneSec, a company specializing in drone threat intelligence, has noted that drone incidents have significantly escalated in 2022. Specifically, there were 223 incidents in November 2022, marking a 130% increase from January 2022. Consequently, the uptick in drone accidents is propelling the growth of the drone insurance market.

What key areas define the segmentation of the global drone insurance market?

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

Subsegments:

1) By Liability Coverage: Third-Party Liability, Personal Injury Liability, Property Damage Liability

2) By Hull Damage: Physical Damage Coverage: Collision Coverage, Comprehensive Coverage

3) By Theft Coverage: Equipment Theft, Drone Theft

3) By Loss Or Flyaway Coverage: Total Loss Coverage, Flyaway Loss Coverage

4) By Payload Coverage: Payload Damage, Payload Theft,

5) By Personal Injury Coverage: Bodily Injury, Psychological Injury,

6) By Ground Equipment Coverage: Ground Control Equipment, Charging Equipment, Other Ground Equipment

7) By Other Coverage Types: Data Liability Coverage, Environmental Damage Coverage, Cyber Liability Coverage

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Who are the dominant players expanding their reach in the drone insurance market?

Major companies operating 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

How are evolving market trends shaping drone insurance Strategies?

The drone insurance global market is observing a significant trend of launching diverse and inventive insurance products. Well-established companies in the drone insurance field are prioritizing the development of superior solutions concerning drone insurance. For example, in December 2022, the Unmanned Aircraft System (UAS/UAV/RPAS/drone) insurance was unveiled by New India Assurance Co. Ltd., a public sector general insurance firm located in India; this marked the first entry of a public sector entity in this segment. The product, designed to meet the requirements of the drone sector, offers over fifteen different add-on coverages, including physical damage, theft, and unintentional bodily harm to third parties or damage to their properties.

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Which regions are emerging as leaders in the drone insurance market?

North America was the largest region in the drone insurance market in 2024.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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