The Saudi financial regulator has given clearance for drones to be covered by insurance provided they are licensed for a specified activity.
The insurance cover extends only to drones licensed for use in aerial surveys and geographic information systems for engineering and related consulting, inspections of communication towers, power lines, industrial installations, or for aerial photography in designated places, reported Gulf News.
This move comes as part of Saudi Arabian Monetary Authority's (SAMA) efforts to develop the insurance sector through diverse insurance products to meet the needs of the market.
The insurance sector is already incorporating drones in operations. Camera-equipped devices can obtain high-res pictures in hard-to-reach areas, allowing for faster claims handling and easier risk assessment. In hazardous situations, such as the examination of property damaged by floods, insurers can use drones to assess damage and avoid risks to their safety.