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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