Reinsurance News

AGCS partners with ParaZero on drone safety systems

27th April 2018 - Author: Matt Sheehan

Allianz Global Corporate & Specialty (AGCS), the specialist corporate re/insurer of Allianz Group, has partnered with Israel-based drone safety systems company ParaZero to reduce risks related to commercial Unmanned Aircraft Systems (UAS).

Drone imageAGCS plans to offer pricing incentives and preferential conditions to clients using ParaZero products, initially in the U.S market and later in other regions where the company offers unmanned aircraft cover.

Founded in 2014, ParaZero specialises in designing, developing, and manufacturing safety solutions for commercial UAS operators.

For example, the company’s SafeAir system monitors key flight parameters using an on-board computer and deploys a parachute and audio warning system in fractions of a second when critical failures are identified.

These safety systems protect not only the drone itself and the payload it may be carrying, but also any vulnerable bystanders in the vicinity.

James Van Meter, Aviation Practice Leader and drone expert at AGCS, said: “AGCS recognizes the incomparable value that ParaZero brings to the table in an effort to carefully manage risks involved with the operation of drones.

“By prioritizing drone safety technology, we are supporting innovation to help clients mitigate risks and keep everyone safer.”

According to the Federal Aviation Administration (FAA), commercial drone use in the U.S. grew at a rate of 150% with registered users going from 42,000 in 2016 to more than 110,000 in 2017, and the sector is expected to be four times larger by 2022.

Drones are a multipurpose tool used across a huge variety of industries, and can currently cost upwards of $20,000 and carry a payload of up to 500 lbs.

Eden Attias, Chief Executive Officer (CEO) of ParaZero, also commented: “Commercial drone use is getting more creative than ever before. This partnership helps to provide safety options to our already vast and growing client base.”

He added: “Most accidents occur when a drone loses power or experiences critical flight breakdown and a pilot is limited in their options to prevent damage to the craft, surrounding area and people on the ground.

“This forward-thinking partnership exemplifies our commitment to safety, client satisfaction and the exponential growth of the UAS industry.”

AGCS currently re/insures thousands of drone operators through comprehensive hull & liability coverage for a range of unmanned aircraft risks, and continues to develop new products as the industry evolves.

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