Mass and Cargo Transport Drones Also OK... KB Insurance Launches 'Drone Liability Insurance'

Simplified Enrollment Process... Establishment of Independent Insurance Premium Calculation Procedure

[Asia Economy Reporter Minwoo Lee] KB Insurance has launched an insurance product that focuses on covering liability risks arising during drone operations. It is available for event swarm drones and cargo transport drones, and the premium can be calculated instantly, enhancing convenience.

KB Insurance announced on the 3rd that it has released this "Drone Liability Insurance." Although commercial drones have been required to have insurance since 2020, the lack of related standards resulted in low subscription rates, so various conveniences have been improved.

Difficult-to-insure drones such as swarm drones for events, paid cargo transport drones, rental drones, unmanned airships, and drones exceeding 25kg can now be insured through differentiated rates based on risk.

The process for calculating premiums has also been significantly improved to reduce the time required. Previously, drone insurance premiums could not be calculated internally by insurers and were determined through negotiated rates with reinsurers holding the statistics. This process took about 3 to 5 days just to calculate the rates. It was also difficult to calculate premiums for event swarm drones or delivery cargo transport drones, making subscription challenging. In response, KB Insurance established a procedure to calculate premiums internally. By entering the aircraft registration number, takeoff weight, drone's own weight, and purpose, premiums can be calculated instantly. For companies owning and managing more than 100 drones, a system has been set up allowing customers to subscribe to and manage drone liability insurance themselves.

Jogi-hyung, General Insurance Business Director (Executive Director) at KB Insurance, said, "We have launched a product that can protect customers and the public without worry while fostering the drone industry, a core growth industry of the future," adding, "We will continue to develop market-leading products and services reflecting diverse customer demands."