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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

The Boat Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

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 Products Chapter

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 47.0% of the average Boat Insurance industry participant... 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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