Insurance Broker, Find Insurance NI, has become the first Broker in Northern Ireland to launch Drone Insurance for the entire UK market.
Trading under the name Aviate Protect, Find Insurance NI has worked closely with Global Aviation Insurers to create an innovative new product for the commercial drone market.
The demand for drones (also known as UAV, RPAS or SUA) has seen rapid growth in the commercial sector over the past 3 years.
In fact, a recent study by PwC on the commercial applications of drone technology, valued the emerging global market at over £104 bn.
This growth is largely credited to the increasing demand for drone-generated data across a range of industries from agriculture to filmmaking.
The drone revolution notably began in 2015. In that year, there were 1,971 new Civil Aviation Authority (CAA) approved Commercial Operators. This was up from just one in 2014, therefore creating not only a need, but a new growth market for insurers.
In the UK, Pilots operating drones for commercial purposes, must acquire annual permission from the CAA, whilst also demonstrating their capability. In association with this, they are also required to obtain suitable insurance.
As the driving force behind Aviate Protect, Lana Cairns commented: “Through an interest of my own, it became clear that the existing UAV insurance offering was limited. UAV Operators were forced to take out cover they didn’t need, purely down to lack of choice.
“We therefore spotted a gap in the market. That’s when we decided to develop our own UAV Insurance product and create a new brand known as, Aviate Protect.
“Our policy allows UAV Operators to pick and choose their own level of cover. Only covering them for what they really need.
“It was essential for us to develop a product that was not only appealing in terms of the cover and choice available, but also one that proves cost-effective to the consumer.”
Colin Mullan, Director at Find Insurance NI said: “UAV technology is rapidly advancing and as a result, we see a clear market potential.
“The market is constantly evolving and it has already seen some notable changes. Until recently, television and filmmaking has accounted for 75% of UK commercial drone activity, according to ARPAS (the professional trade association for Remotely Piloted Aircraft and Systems).
“However, this is no longer the case, with property and construction now dominating as the largest sectors adopting UAV technology.
“Having recently launched our UAV product to the UK market, it didn’t take long for our phones to start ringing; highlighting the existing level of demand. The interest we are already experiencing is phenomenal and we hope that this continues.”