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Allianz partners with insurtech startup to launch UK's first drone insurance

Posted On: Jul. 31, 2017 4:00 AM CST

Germany-based specialty insurer Allianz Global Corporate & Specialty S.E. is partnering with U.K.-based insurtech startup Flock Ltd. to provide the first pay-as-you-fly drone insurance in the United Kingdom, Suasnews.com reported. The partnership's first product is a mobile app which lets operators to purchase drone insurance at the touch of a button. Pilots will be fully insured for their flight time, within a specified geographical region, which is customizable at the point of sale, or can be scheduled in advance. The potential value of the global commercial drone insurance market is set to reach $1 billion by 2020.

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