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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 | Jul 2015

Smooth sailing: Increases in premium prices and boat ownership will bolster revenue

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
Annual Growth 11-16
Annual Growth 16-21
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Industry Analysis & Industry Trends

Gains in both policy volumes and premium prices have spurred revenue growth for the Boat Insurance industry over the five years to 2015. The market for boat insurers has been impacted by distinct demographic changes over the period, as aging baby boomers have become increasingly interested in boats as they retire. Continued increases in boat ownership and premium prices over the next five years are expected to sustain the industry's growth. Additionally, anticipated economic improvements over the five years to 2020 will bolster the industry's investment income.... purchase to read more

Industry Report - Industry Investment Chapter

The Boat Insurance industry is required to have a certain level of capital reserves by insurance regulators to ensure firms are able to meet potential loss liabilities. Additionally, capital is needed for information technology since systems are used to track policies, payments and claims. Actuaries also use systems to model insurance risk, ensuring firms have proper reserves in case of a catastrophic event. Companies have continued to improve their technology in order to provide better customer service, such as efficient customer responses and user-friendly websites.

One key technological investment has been in online distribution, which is becoming a key business portal, because the majority of consumers now shop online for insurance coverage... purchase to read more


Industry ProductsRelated ReportsTable of Contents

What is the Boat Insurance Industry?

This industry underwrites boat insurance policies for privately-owned watercraft. A boat owner’s 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 and other
Industry Activities
Boat insurance underwritingMarketing boat insurance productsPortfolio diversification

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