Moonrock Drone Insurance has secured capacity backing from specialist re/insurer Apollo for a new drone insurance facility.

Set up in 2016, Moonrock covers both small commercial operators and large fleets across sectors including construction, agriculture, and film & TV.

“If the drone industry is to unlock its full potential and hit the growth targets estimated to be £45 billion by 2030 and upwards of half a million new jobs, then the support and backing from such seasoned aviation insurance professionals is vitally important,” said Moonrock founder and managing director Simon Ritterband.

For Apollo’s Martin Jackson, the drone industry is an “exciting” area of innovation.

“[It] can drive positive change in the UK economy as well as offering environmental benefits, and is a keen area of focus for the UK government,” noted the aviation head.

“We have been working intensively with Moonrock to create an insurance product that specifically caters for the growth of commercial drones, and we are pleased to be leading the way in underwriting this and other new risks in emerging industries.”