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Boat Insurance: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Boat Insurance Market Research Report | NAICS OD4774 | Jan 2017

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

IBISWorld’s Boat Insurance market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Industry Statistics & Market Size
Revenue
$7bn
Annual Growth 11-16
2.2%
Annual Growth 16-21
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Profit
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Employment
10,336
Businesses
249
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 2016. Industry operators primarily underwrite boat insurance policies that provide financial protection against physical damage to the boat and bodily injury resulting from accidents. The market for boat insurers has also been impacted by distinct demographic changes over the past five years that are expected to continue going forward. Over the five years to 2021, industry revenue is forecast to rise. Continued increases in boat registrations and premium prices are expected during the period, particularly with per capita disposable income anticipated to rise... purchase to read more

Industry Report - Industry Analysis Chapter

Over the five years to 2016, Boat Insurance industry revenue is expected to increase an annualized 2.2% to $7.1 billion, including projected growth of 0.9% in 2016 alone. During this period, growth has been boosted by a variety of factors, including stronger demand for boat insurance and a recovery in the industry’s pricing cycle. Per capita disposable income is expected to grow at an annualized rate of 1.6% to $39,267 over the five years to 2016. Coupled with an expected 16.1% annualized decrease in the world price of crude oil, a significant indicator of consumer gasoline prices, boating became more affordable to many Americans during the period.

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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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