KB Insurance launches South Korea's first personal drone liability policy

KB Insurance has introduced South Korea's first personal drone liability insurance, a move aimed at providing financial protection for individuals operating drones for hobby or recreational purposes. This new policy addresses a gap in the market, as previously, drone insurance was primarily available only for corporate or commercial use.

The personal drone insurance can be acquired on either a daily or annual basis. Daily coverage is priced at approximately 10,000 KRW (around $7 USD), offering protection up to 500 million KRW (approximately $360,000 USD). For those seeking longer-term coverage, annual premiums range from 50,000 to 130,000 KRW (about $36 to $94 USD), with various coverage options available, also extending up to 500 million KRW.

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The personal drone insurance launched this time is significant in that it is a user-participatory insurance product developed by listening to and reflecting customer voices.

KB Insurance stated that the product's development was informed by a survey conducted among 413 members of DronePlay, South Korea's largest drone enthusiasts' club. The survey indicated a significant need and interest, with 98.5% of respondents agreeing on the necessity of personal drone insurance and 76.0% expressing their intention to purchase it. Jung Jae-geun, Senior Managing Director of KB Insurance's General Insurance Division, highlighted the user-centric approach, emphasizing the company's commitment to developing products that meet customer needs and contribute to strengthening the social safety net.

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We will continue to develop products that can cover various risks and contribute to strengthening the social safety net.