How Has the Rise in Applicability of UAVs Improved the Revenue Share of the Drone Insurance Industry?
In the last few years, the applicability of unmanned aerial vehicles or drones has increased significantly. Companies in almost all sectors of the global economy, including manufacturing, consumer goods, agriculture, transportation and logistics , military, and energy and power, have witnessed increase in adoption of drones to simplify their operations and enhance overall efficiency. However, a restraint in the growth of the drone manufacturing industry is the high costs of UAVs , which make them unviable for small and medium-scale industries. Moreover, since these equipment and tools are delicate and easily susceptible to damage, SMEs find it hard to allocate a sizable amount of their revenue to the maintenance, repair, and upkeep of such drones. Thus , the concept of drone insurance has emerged , which helps the company cover expenses related to damage and theft. Growing Demand for Drone Insurance Policies Boosting Industry’s Revenue A drone insurance policy is...