Allianz partners with ParaZero for drone safety solutions

Allianz specialist corporate insurer, Allianz Global Corporate & Specialty (AGCS) has partnered with Israel-based drone safety systems company ParaZero as the market grows rapidly in the US.

Founded in 2014, ParaZero specializes in designing, developing and manufacturing safety solutions for commercial Unmanned Aircraft Systems (UAS) operators to overcome their main barrier - safety. This partnership is scheduled for initial roll out in the US market followed by other regions where AGCS insures unmanned aircraft; pricing incentives and preferential conditions will be offered for those using ParaZero products.

ParaZero’s technology uses an onboard computer paired with a pyrotechnic parachute launcher to enable deployment in fractions of a second upon flight malfunction. The safety package monitors key flight parameters and when critical failures are identified, a parachute and audio warning system are triggered to help protect not only the drone and the weight it can carry (payload), but also vulnerable bystanders in the area.

Commercial drone use in the US grew at a rate of 150 percent with registered users going from 42,000 in 2016 to more than 110,000 in 2017, according to the Federal Aviation Administration (FAA). By 2022 this sector is expected to be four times larger. From agriculture and film making to property surveillance and emergency response, drones are a multipurpose tool that can offer limitless support to any industry. As they have become more dynamic and sophisticated pieces of equipment over the past few years, a high-end commercial drone with attached camera equipment can cost upwards of $20,000 and can carry a payload of up to 500 lbs, according to Allianz.

“AGCS recognizes the incomparable value that ParaZero brings to the table in an effort to carefully manage risks involved with the operation of drones,” commented aviation practice leader and drone expert James Van Meter. “By prioritizing drone safety technology, we are supporting innovation to help clients mitigate risks and keep everyone safer.”

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