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 - Starting a New Business Chapter
The Boat Insurance industry has medium barriers to entry. A new entrant must conform to stringent state and federal regulations to establish property and casualty (P&C) and title insurance operations. The P&C and title insurance markets are also highly competitive. Both markets are highly saturated with a large number of well-established brands, while the title insurance market is heavily concentrated, with the top four firms accounting for about 92.4% of title insurance revenue. The Boat Insurance industry is also highly complex, as some of the nation's largest state markets are also the riskiest with regards to losses (e.g. Florida and California).
A new entrant must apply for a Certificate of Authority to supply insurance products if they are to begin operating as an insurer... purchase to read more