Apollo, the London-based independent specialist insurer and reinsurer, is providing capacity to Moonrock Drone Insurance, designed to provide coverage for larger commercial drone operations, meeting an increased demand in the market.
Moonrock was founded in 2016 by Simon Ritterband, who aimed to streamline and improve the process of finding drone insurance following a frustrating experience when he initially looked into buying a policy. One of the leading specialist drone insurers, Moonrock — a managing general agent — covers small commercial operators to large fleets of drones across multiple industries, such as film and TV, agriculture and construction, in the UK.
“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,” commented Martin Jackson, who leads Apollo’s Aviation business. “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.”
Ritterband said Moonrock is excited about the new opportunities that are presenting themselves in the drone market. “If the drone industry is to unlock is full potential and hit the growth targets estimated to be £45 billion by 2030 and upwards of half a million new jobs, then the support and backing from such seasoned aviation insurance professionals, is vitally important,” he added.
The UK drone industry contributes £45 billion to the UK economy, provides the opportunity to reduce carbon emissions by nearly 2.5 million tons, and 650,000 jobs could be associated with an economy that fully adopts drones, Apollo said.
Launched in 2009, Apollo underwrites at Lloyd’s via Syndicate 1971. The Apollo name recognized the success of one of its founding investors Neil Armstrong, who in 1969 was the first person to land on the moon. Armstrong saw the opportunity to build a differentiated service provider at Lloyd’s, said Apollo on its website.
Source: Apollo
Topics New Markets Insurance Wholesale
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