Coverdrone partners with Travelers to increase drone insurance capacity
Coverdrone has partnered with Travelers to further boost its underwriting capacity, providing the drone insurance market leader and its broker partners with a broadened proposition to support even more clients in the drone insurance space going forward.
With adoption of drone usage becoming more commonplace in our everyday lives, many businesses and industries are now starting to realise the efficiencies and benefits that drone use can bring to what they do. In fact, according to PwC’s Skies without Limits v2.0 report, it’s estimated that more than 900,000 drones could operate in the UK’s skies by 2030.
Previously, Starr International (Europe) Limited has underwritten 100% of all Coverdrone insurance policies on a fully exclusive basis. However, by forming a new underwriting panel with both Travelers and Starr International (Europe) Limited, Coverdrone is now able to expand its underwriting capabilities and is perfectly positioned to support the anticipated market growth over the coming years.
Andrew Heath, Director of Coverdrone, said: “This newly formed and strategic partnership with Travelers is an exciting development for Coverdrone, supporting our ambitious growth plans to be the number one drone insurance provider for recreational and commercial drone operators worldwide.
“As key players in the drone insurance market, we have always been relied on and trusted by drone operators to offer an effective solution that fully meets both their current and long-term insurance needs. Extending our capabilities with the ability to now write even more drone insurance business allows us to continue doing this, giving drone operators the real protection and peace of mind they need when flying.
“Having previously forged an extremely successful partnership with Starr International (Europe) Limited spanning many years, it was hugely important to us that any capacity provider we looked to introduce fully aligned with our own brand values and complemented the industry knowledge, expertise and ethos for underwriting excellence that we’ve seen evident at Starr International (Europe) Limited throughout our long-term partnership. For us, Travelers was the perfect and natural choice and we’re delighted to have them on board!”
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately $41 billion in 2023.
Travelers’ European-based operations offer customers a wide range of coverage through Travelers Insurance Company Limited, Travelers Syndicate Management Limited (Syndicate 5000 at Lloyd’s), Travelers Underwriting Agency Limited and Travelers Insurance Designated Activity Company.
For more information, visit Travelers.com and Travelers.co.uk.
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For any media enquiries or questions relating to the information above, please contact marketing@coverdrone.com.
Source: PwC’s Skies without Limits v2.0 report: drone-ambition-statement.pdf (publishing.service.gov.uk)