Smooth sailing: Increases in premium prices and boat ownership will bolster revenue
IBISWorld’s Boat Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.
Industry Statistics & Market Size
Annual Growth 10-15
Annual Growth 15-20
Industry Analysis & Industry Trends
Gains in both policy volumes and premium prices have spurred revenue growth for the Boat Insurance industry over the five years to 2015. The market for boat insurers has been impacted by distinct demographic changes over the period, as aging baby boomers have become increasingly interested in boats as they retire. Continued increases in boat ownership and premium prices over the next five years are expected to sustain the industry's growth. Additionally, anticipated economic improvements over the five years to 2020 will bolster the industry's investment income.... purchase to read more
Industry Report - Industry Products Chapter
Liability insurance policies
Liability insurance is the lowest legal level of coverage that a boater can have. These policies require a smaller premium payment and do not cover property damage or bodily injury of the at-fault operator. Policies within this category do cover repairs and replacements of property and medical expenses of the innocent party, up to a certain amount that is set at the beginning of the policyholder's term. The covered amount depends on the premium payments the insured customer makes and on the policy's deductible. IBISWorld estimates that property damage and bodily injury liability insurance policies account for 50.1% of the average Boat Insurance industry participant... purchase to read more
What is the Boat Insurance Industry?
This industry underwrites boat insurance policies for privately-owned watercraft. A boat owner’s 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.
Liability coverageComprehensive and collision coverageUninsured operator and other
Boat insurance underwritingMarketing boat insurance productsPortfolio diversification