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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 provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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 Analysis Chapter

In the five years to 2012, the Boat Insurance industry revenue is forecast to sink at an average annual rate of 0.9% to $25.9 billion. During this period, growth has been hampered by a variety of factors, including a soft pricing cycle within the boating market and weak demand for boat insurance. Disposable income is expected to grow at a five-year annualized rate of 0.1% to $32,942 per capita in 2012. Coupled with a 8.0% annualized increase in the price of gas, this made boating prohibitively expensive to many Americans.

According to the National Boat Owners Association the five most common boat insurance claims include hitting a submerged object while cruising, theft while anchored, collision with other boats while boating, storm damage while moored and theft while in storage... 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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