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