SEARCH   
MEMBER LOGIN    

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 is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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
Purchase to read more
Profit
Purchase to read more
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 - Starting a New Business Chapter

The Boat Insurance industry has medium barriers to entry. A new entrant must conform to stringent state and federal regulations to establish property and casualty (P&C) and title insurance operations. The P&C and title insurance markets are also highly competitive. Both markets are highly saturated with a large number of well-established brands, while the title insurance market is heavily concentrated, with the top four firms accounting for about 92.4% of title insurance revenue. The Boat Insurance industry is also highly complex, as some of the nation's largest state markets are also the riskiest with regards to losses (e.g. Florida and California).

A new entrant must apply for a Certificate of Authority to supply insurance products if they are to begin operating as an insurer... 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


View Sample
Quote
Select Clients