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Boat Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Boat Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Dec 2012

Improvement ensured: Rising incomes and a move to the internet will drive industry growth

IBISWorld’s Boat Insurance market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

Report Snapshot
Market Share of Companies
Liberty Mutual Group Inc. Liberty Mutual Group Inc. market share
Progressive Progressive market share
State Farm State Farm market share
Industry Statistics & Market Size
Revenue
$26bn
Annual Growth 07-12
-0.9%
Annual Growth 12-17
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Profit
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Employment
44,970
Businesses
1,356
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 SWOT Analysis Chapter

While the widespread adoption of online boat insurance sales and operations have facilitated how this industry does business, a saturated market indicates a mature industry. Industry growth is more or less in line with economic growth; although the industry's value added (IVA) contracted as a share of GDP in the past five years. In the 10 years to 2017, GDP is projected to grow 1.8% annually on average, while IVA is forecast to increase at a 0.7% annualized rate.

During these 10 years, some mergers and acquisitions are anticipated to take place. But enterprise numbers are growing as large insurance companies continue to diversify their portfolios by offering boat insurance products... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Boat Insurance Industry?

This industry underwrites (i.e. assuming the risk and assigning premiums) boat insurance policies for privately-owned watercraft. A boat owners' insurance policy can insure against risks of owning and operating a boat, its motor and its trailer. These risks include sinking, fire, theft, and collision. Insurers for commercial boating operators are not included in this industry.

Industry Products
Liability coverageComprehensive and collision coverageUninsured operator
 
Industry Activities
Boat insurance underwritingMarketing boat insurance productsPortfolio diversification


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