Specialist insurer and reinsurer, Apollo has announced the start of a new drone insurance facility in partnership with Moonrock Drone Insurance.
Under the partnership, Apollo will provide capacity to Moonrock, which is designed to provide coverage for larger commercial drone operations, meeting an increased demand in the market.
Founded in 2016, Moonrock are established as being one of the leading specialist drone insurers available today.
The firm covers small commercial operators, to large fleets of drones across multiple industries such as film and TV, agriculture and construction.
Moreover, the UK drone industry contributes £45 billion to the UK economy. The industry also provides the opportunity to reduce carbon emissions by nearly 2.5 million tons.
Additionally, Apollo noted that up to 650,000 jobs could be associated within an economy that fully adopts to drones.
Martin Jackson, who leads Apollo’s Aviation business, commented: “The drone industry is an exciting area of innovation that can drive positive change in the UK economy as well as offering environmental benefits, and is a keen area of focus for the UK government.
“We have been working intensively with Moonrock to create an insurance product that specifically caters for the growth of commercial drones and we are pleased to be leading the way in underwriting this and other new risks in emerging industries.”
Simon Ritterband, founder and managing director of Moonrock, added: “If the drone industry is to unlock is full potential and hit the growth targets estimated to be £45billion by 2030 and upwards of half a million new jobs, then the support and backing from such seasoned aviation insurance professionals, is vitally important.”
