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KSA - SAMA approves first drone ins. Product

Tuesday, 08 25 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Arabian Monetary Authority (SAMA) has approved and issued the first-of-a-kind insurance product that covers risks of unmanned aerial vehicles (UAVs) drones in the Saudi insurance market.

The product covers drones licensed by official bodies for aerial survey operations and geographic information systems for architectural and engineering activities and related consultation services, according to a statement on Monday.

Besides, it covers drones used in telecom towers inspection operations, power lines, and industrial entities, those utilised in renewable energy for tests and technical analyses purposes as well as those used for aerial photography purposes in authorised places.

The step comes in continuation of SAMA’s efforts to develop the insurance sector through diversification of products in tandem with the Kingdom’s Vision 2030.


Source: Mubasher
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