Independent specialist insurer and reinsurer Apollo has started a new drone insurance facility in partnership with Moonrock Drone Insurance.
Throughout 2022, Apollo continued to focus on delivery of our strategy with the calendar year result reflecting the value of this approach. Across the business, rating and business mix changes helped to improve underwriting margins in line with our strategy.
The benefit from reducing gross and net natural catastrophe exposure materially in 2021 and into 2022, and further growth in the gross specialty lines, is evident in this year’s result. With these actions, continued improving market conditions and the pursuit of further growth opportunities in the syndicate, I begin the year excited about what’s to come in 2023.
Apollo will provide capacity to Moonrock, which is designed to provide coverage for larger commercial drone operations, meeting an increased demand in the market.
Moonrock was founded by managing director Simon Ritterband in 2016 to streamline and improve the process of finding suitable drone insurance following his frustrations when he initially looked into buying a policy.
Moonrock covers small commercial operators to large fleets of drones across multiple industries such as film and TV, agriculture and construction.
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 governmentMartin 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.”
The firm 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.
Moonrock Insurance have launched a new drone insurance product in response to growing demand from customers, including UAV operators in the media, emergency services, agriculture, inspection and construction sectors.
Moonrock offers drone insurance that also provides cover for non-drone related items in one single policy, including all camera, video and survey equipment, as well as devices like laptops and mobile phones.