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 SWOT Analysis Chapter
While the widespread adoption of online boat insurance sales and operations have facilitated how this industry does business, a saturated market indicates a mature industry. Industry growth is more or less in line with economic growth; although the industry's value added (IVA) contracted as a share of GDP in the past five years. In the 10 years to 2017, GDP is projected to grow 1.8% annually on average, while IVA is forecast to increase at a 0.7% annualized rate.
During these 10 years, some mergers and acquisitions are anticipated to take place. But enterprise numbers are growing as large insurance companies continue to diversify their portfolios by offering boat insurance products... purchase to read more