Industry Analysis & Industry Trends
Rocking the boat
The Boat Insurance industry has experienced a whirlwind of trends over recent years. As unemployment rose and disposable income fell during the recession, spending on boats and related insurance declined, and many existing boat owners reduced the type of coverage to save money. Additionally, recent storms affecting coastal waters have caused insurance claims to jump, hurting industry profit. Although the weather conditions are hard to project, the coming years are expected to smooth out for insurance companies. As the economy and disposable income improve, consumers will likely loosen their purse strings and return to spending on boats and, thus, necessary insurance.... purchase to read more
Industry Report - Industry Investment Chapter
The Boat Insurance industry is required to have a certain level of capital reserves by insurance regulators to ensure firms are able to meet potential loss liabilities. Additionally, capital is needed for information technology since systems are used to track policies, payments and claims. Actuaries also use systems to model insurance risk, ensuring firms have proper reserves in case of a catastrophic event. Companies have continued to improve their technology in order to provide better customer service, such as efficient customer responses and user-friendly websites.
One key technological investment has been in online distribution, which is becoming a key business portal, because the majority of consumers now shop online for insurance coverage... purchase to read more