Commercial Drones & Emerging Risks

Industry

When you think Drone, or UAV (Unmanned Aerial Vehicle), you might be inclined to picture a military spy plane involved with some top secret operation hovering over a great desert, but it’s time to ditch that view because commercial interests have already begun to shape and evolve how we use the technology. Over the next 10 years it is estimated spending will reach almost $90 billion and that by 2020 there will be as many as 30,000 drones being used for business.

Although military applications still dominate the sector, drones are already being used for crop monitoring, border control, assisting emergency services, parcel / medical supply deliveries, wildlife protection, news production / film and entertainment, and research.

With these new applications, come emerging risks. In addition to legal and regulatory issues, there will be complications regarding coverage and liability, which will see brokers and insurers at the forefront of drone technology and its applications. Insurers are hard at work developing specific insurance products for commercial and private drone use — which will tackle safety and privacy concerns.

One thing is certain, drones are here to stay and the insurance industry will be closely linked to this expanding market. For more information regarding Drone technology and the risks it will present, you can speak to a professional insurance advisor at Honan by calling 1800 981 377 or emailing info@honan.com.au

Sources:
https://www.lloyds.com/~/media/files/news%20and%20insight/risk%20insight/2015/drones%20take%20flight20150820.pdf
http://www.riskandinsurance.com/rise-drones/

Singapore Ranked 7th for Innovation

The Global Innovation Index (GII) has ranked Singapore as a world leader at number 7, based on its innovation capabilities. The GII reports provide detailed metrics for over 140 economies, representing a total of 98.6% of the global GDP. Countries are ranked on a number of factors that determine innovation and contribute to a supporting environment for businesses.

According to the most recent GII report, Singapore’s key strengths include:

– Royalty and license fees payments
– High and medium-high – tech manufacturing
– High tech exports less re-exports
– FDI net outflows (%GDP)
– Business sophistication
– Tertiary education

This is great news for us at Honan, and by extension our clients and global broking partners, as we are in the process of expanding the Honan Insurance Group (Asia) arm of our business, based in Singapore. For more information regarding Honan’s acquisition of MACS Insurance Brokers you can view our media release here or alternatively you can contact our Singapore office and speak to one of our friendly advisors on +65 6323 3411.

Honan Sets Sight on Singapore Acquiring MACS Insurance Brokers

Honan Insurance Group Pty Ltd has completed their acquisition of MACS Insurance Brokers Pte Ltd.

MACS Insurance Brokers has been renamed to Honan Insurance Group (Asia) Pte Ltd, forming part of the Honan brand.

Honan Insurance Group (Asia) has moved to new premises at One Raffles Place, Singapore.

Honan Insurance Group, an Australian based insurance and financial services broker with a strong presence in the Asia Pacific region, has acquired MACS Insurance Brokers, a Singaporean broker specialising in General Insurance and Employee Benefits in South East Asia.

The purchase of MACS Insurance Brokers allows Honan Insurance Group to increase their presence in Asia and enhance their Employee Benefits, Property & Casualty, Trade Credit and Surety capabilities. Chief Executive Officer of Honan Insurance Group, Damien Honan, said ‘We are pleased to have had this opportunity to partner with MACS Insurance Brokers, as the combination of our global resources and their expertise in the Asian marketplace gives us the capacity to offer a truly integrated and intimate service across the Asia Pacific.’

‘Our local knowledge and strategic geographical position in Singapore means we are well placed and more flexible to move forward on planned initiatives that will contribute to growing market share in Asia,’ commented Sam Tan, Managing Director of MACS Insurance Brokers, who will remain as MD of Honan Insurance Group (Asia). ‘This partnership complements our long term business goals and strengthens Honan’s position as the leading risk partner of choice in the Asia Pacific,’ said Mr. Tan.

MACS Insurance Brokers will form part of the Honan brand, operating as Honan Insurance Group (Asia) Pte Ltd, and has moved to larger offices at One Raffles Place to accommodate expected growth. The integration of both companies is effective as of 29 April, 2015.

‘We are pleased to say this acquisition, while a huge milestone for us, has not disrupted our service to our clients. They have received the same quality service they have come to expect from us,’ said Mr. Honan.

The acquisition was finalised following the approval of the Monetary Authority of Singapore. ‘The journey towards acquisition began back in 2012 when Sam and I decided to formally enter into a partnership. It made sense, our business values were aligned and we shared the same vision for our companies. It has taken us a while, but we are here now and both excited for what the future holds,’ said Mr. Honan.

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