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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 can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

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 Key Buyers Chapter

The Boat Insurance industry has a low market share concentration. The top four companies – State Farm, Liberty Mutual, Progressive and Allstate – together account for 27.8% of industry revenue in 2012. The remaining 1,352 boat insurers account for the balance. In 2012, revenue per company is about $19.1 million, which represents about 0.1% of total industry revenue.

Over the five years to 2012, market share concentration has increased slightly as the top four companies strengthened their hold on the market. Because of their well-known brands and wide range of product offerings, they have been able to capture a growing portion of the boat insurance market... 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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