16 January 2018Insurance

QBE launches drone cover

Australia’s QBE Insurance Group is introducing a drone insurance policy in response to the rapidly expanding drone market, according to a Jan. 16 press release.

The new policy exists as a stand-alone product from QBE’s current aviation policies.

Risks specific to drone operators include loss of valuable assets in case of a crash or potentially huge financial losses for any damage or injuries that may arise from an incident.

There are more than 1,200 commercial operators in Australia who hold a Remote Operator’s Certificate (ReOC) and 7,000 individuals or companies providing Remotely Piloted Aircraft Systems (RPAS) services under the ‘excluded category’. The excluded category captures any RPA device that is under 2kg and flown for commercial reasons. The global drone technology industry is forecast to be worth $127 billion by 2020, according to QBE.

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26 February 2018   Australia headquartered QBE has reported a net loss of $1.25 billion for 2017 driven by record catastrophes in the second half of 2017 together with deterioration in its emerging markets businesses and two significant non-cash items.
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22 January 2018   QBE Insurance has hired Allianz executive Aaron Gavin as head of SME (small and medium enterprises) for its Australian and New Zealand operations.
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