In what feels like a short time, unmanned aerial systems (UASs)—also known as drones—have moved from the latest in warfare technology, to high-tech toys, to valuable tools that can have many civilian uses, especially in the insurance industry. This rapid expansion can be attributed—at least in part—to the insurance market's willingness to provide cover for drone deployment, according to a report published June 2 by Marsh, a global leader in insurance broking and risk management.
The report, Dawning of the Drones: The Evolving Risk of Unmanned Aerial Systems, indicates that insurance capacity for UAS operations is "plentiful." UAS risks are being written worldwide by Lloyd's markets and companies alike, although the report notes that "appetites are proportional" to the comprehension of risk UASs in general, ratings, working development and the clients themselves.
The Association for Unmanned Vehicle Systems International observes that UAS usage has potentially vast economic benefits—estimated at US$82 billion and 100,000 jobs in the U.S. by 2025.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
