A recent survey conducted by Munich Re titled “America’s 2015 Drones Survey” was conducted at the Risk and Insurance Management Society Conference (RIMS) in New Orleans, LA on April 27, 2015. The goal of the survey is to represent the sentiments of 100 risk manager attendees, primarily from large/mid-size companies doing business in the US, Europe, Asia, Australia/Oceania and Africa. The survey revealed a number of interesting findings, including the fact that 44% of surveyed risk managers believed their companies would consider using drones and 76% would purchase drone insurance, even if it wasn’t required.
Forty-four percent of the risk managers surveyed believe their own companies would consider the use of drones if the FAA approves rules for UAVs, and 76% said they would invest in UAV-specific insurance coverage even if it was not required.
“The drone insurance market is still evolving,” Finley said, “as the industry looks at ways to provide coverage for businesses that offer drone services to other entities, or for traditional industry segments that own and operate drones as an incidental part of their operations. The Insurance Services Office (ISO) has released a series of optional endorsements to address some liability issues, but the lack of credible loss information remains a critical issue for insurers as they seek out the best solutions for this emerging exposure for their clients and the public.”
About Munich Re:
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2014, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €3.2bn on premium income of over €48bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2014, ERGO posted premium income of €18bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re’s global investments amounting to €227bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.