6 February 2023Insurance

Lloyd’s insurer Apollo unveils new drone insurance facility with Moonrock

Apollo, an independent specialist insurer and reinsurer at Lloyd’s, has launched a new drone insurance facility in partnership with Moonrock Drone Insurance.

Moonrock, a specialist drone insurer, covering small commercial operators to large fleets of drones across multiple industries such as film and TV, agriculture and construction, was founded by Simon Ritterband in 2016 with a vision to streamline and improve the process of finding suitable drone insurance.

Martin Jackson, who leads Apollo’s aviation business, said: “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. 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, founder and managing director of Moonrock, said: “If the drone industry is to unlock is full potential and hit the growth targets estimated to be £45billion by 2030 and upwards of half a million new jobs, then the support and backing from such seasoned aviation insurance professionals, is vitally important.”

The UK drone industry contributes £45bn 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.

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