Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz SE, has partnered with InsurTech start-up, Flock, to launch the UK’s first pay-as-you-fly drone insurance.

The partnership’s first product, to be launched later this year in the UK market, is a mobile app (for Android and iOS devices) enabling operators to purchase ‘pay-as-you-fly’ drone insurance.

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According to the AGCS report Rise of the Drones – Managing the Unique Risks Associated with Unmanned Aircraft Systems , drones are fast becoming a multi-billion dollar industry, as the number of recreational users grows and the benefits businesses can gain from utilizing such innovative technology becomes apparent. The number of UAS is set to triple by 2020.

Globally, the Unmanned Aircraft Systems (UAS) market volume is forecast to reach 4.7m units by 2020 (other estimates are even higher), with the market for commercial application of UAS technology estimated to soar from $2bn to $127bn

However, the increasing number of drones in the skies also brings new risks, such as collision with aircraft, buildings and people.

The number of near-misses with aircraft is a growing concern, resulting in the UK government’s announcement that drones of a certain size will need to be registered and users take a safety test in future.

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Brian Kirwan, UK CEO, AGCS said: “Twenty-two incidents involving commercial airliners and possible drones were investigated by the Civil Aviation Authority’s Airprox Board in the first four months of this year alone. As drone usage increases, new risk exposures will emerge including the risk of cyber-attacks and terrorism.

“Further incidents are also likely to occur once regulations are finalized that strike a balance between reaping the benefits of drones and minimizing misuse. Future incidents could result in multi-million pound claims against businesses, operators and manufacturers.”

Ed Leon Klinger, Flock’s CEO, said “Flock is reinventing drone insurance from the ground up. Increasing drone use will bring complex risks. Flock uses cutting edge data analytics to identify and quantify these risks and together with Allianz, you’re now able to insure against them.”