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