Market Overview:
The global boat insurance market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for boat insurance due to the increase in recreational boating activities across the globe. In addition, the growing awareness about safety and security measures while sailing is also propelling the demand for boat insurance. The global boat insurance market can be segmented on the basis of type, application, and region. On the basis of type, it can be divided into actual cash value (ACV), agreed amount value (AAV), and others including replacement cost value (RCV) and agreed upon value (AUV). ACV is expected to hold a major share in terms of revenue in 2018 owing to its low premiums as compared with other types of policies available in this market.
Product Definition:
Boat insurance is a type of insurance that provides coverage for boats, yachts, and other watercraft. Boat insurance can provide coverage for damage to the boat, its contents, and liability for injuries or damage caused to others by the boat. Boat insurance is important because it can help protect the owner of the boat from costly repairs or lawsuits in the event that something happens while on the water.
Actual Cash Value:
Actual Cash Value (ACV) is a type of coverage that protects the insured against financial loss due to the destruction or damage of an asset. In marine insurance, it is used to indicate the value that a buyer is prepared to pay for goods under a contract. The buyer may require protection against risks such as fire, theft and vandalism, typhoon and cyclone which are not covered by standard policies.
Agreed Amount Value:
The amount of money that both buyer and seller agree to pay in order to resolve a claim arising from the marine policy. It is an alternative to court cases or legal action, which avoids lawyers' fees as well as costs.
It is used when there are disputes over covered events such as damage caused by fire, collision or theft and loss of cargo/personal effects.
Application Insights:
Rising demand for marine insurance products from recreational boating consumers to cover the losses caused by theft, accidental damage and loss of valuables on board has driven the overall industry growth. The actual cash value (ACV) segment dominated the market in 2017 owing to its ability to calculate a precise amount of money that a vessel owner should pay under these conditions. However ACV does not take into consideration any depreciation or resale value of boat, which may lead towards higher claims settlement amounts subsequently increasing competition among insurers operating in this segment.
The agreed amount value (AAV) segment is expected to grow at highest CAGR during forecast period as it is more advantageous than actual cash value for both parties involved in claim settlement process as there are no complicated formulas used while calculating AAV and hence it is widely preferred by all major players operating within this space.
Regional Analysis:
Asia Pacific is expected to be the fastest growing market for boat insurance and accounted for over 30% of the global revenue in 2017. The region witnesses a high number of boating activities during vacation seasons, which results in higher demand for insurance policies. Furthermore, countries such as China and Japan are among the top 10 exporters of boats across the globe. Thus, an increase in sales leads to an increase in claims, thereby driving growth within this regional segment.
The industry players operating within Asia Pacific are focusing on expanding their business by offering additional services such as marine loan or mortgage products to customers seeking financial assistance with repair/refit costs after a claim has been made against them.
Growth Factors:
- Increasing demand for boats and yachts as a result of rising income levels and leisure travel.
- Boats becoming more affordable due to technological advancements and mass production.
- Growing popularity of boat sports such as sailing, fishing, and cruising.
- Proliferation of maritime tourism, which is boosting the demand for boat insurance products worldwide.
Scope Of The Report
Report Attributes
Report Details
Report Title
Boat Insurance Market Research Report
By Type
Actual Cash Value, Agreed Amount Value, Boat Insuranc
By Application
Ocean, Lakes, Rivers
By Companies
Zurich, AXA, AVIVA, State Farm, Allianz, GEICO, Sompo Japan Nipponkoa, CPIC, Markel Corporation, Kemper Corporation, Allstate, MetLife, PingAn, Westfield, Westpac, RAA, Northbridge, RSA Insurance, Helvetia, Pantaenius Yacht Insurance, Generali, United Marine Underwriters, Pacific Marine, Boat Insuranc
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
237
Number of Tables & Figures
166
Customization Available
Yes, the report can be customized as per your need.
Global Boat Insurance Market Report Segments:
The global Boat Insurance market is segmented on the basis of:
Types
Actual Cash Value, Agreed Amount Value, Boat Insuranc
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Ocean, Lakes, Rivers
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Zurich
- AXA
- AVIVA
- State Farm
- Allianz
- GEICO
- Sompo Japan Nipponkoa
- CPIC
- Markel Corporation
- Kemper Corporation
- Allstate
- MetLife
- PingAn
- Westfield
- Westpac
- RAA
- Northbridge
- RSA Insurance
- Helvetia
- Pantaenius Yacht Insurance
- Generali
- United Marine Underwriters
- Pacific Marine
- Boat Insuranc
Highlights of The Boat Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Actual Cash Value
- Agreed Amount Value
- Boat Insuranc
- By Application:
- Ocean
- Lakes
- Rivers
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Boat Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Understanding Competition Scenario
- Product & Brand Management
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- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Boat insurance is a type of insurance that covers vessels, including boats, while they are in use. Boat insurance can help protect owners and operators from financial losses if their boat is damaged or destroyed while in use.
Some of the major companies in the boat insurance market are Zurich, AXA, AVIVA, State Farm, Allianz, GEICO, Sompo Japan Nipponkoa, CPIC, Markel Corporation, Kemper Corporation, Allstate, MetLife, PingAn, Westfield, Westpac, RAA, Northbridge, RSA Insurance, Helvetia, Pantaenius Yacht Insurance, Generali, United Marine Underwriters, Pacific Marine, Boat Insuranc.
The boat insurance market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Boat Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Boat Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Boat Insurance Market - Supply Chain
4.5. Global Boat Insurance Market Forecast
4.5.1. Boat Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Boat Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Boat Insurance Market Absolute $ Opportunity
5. Global Boat Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Boat Insurance Market Size and Volume Forecast by Type
5.3.1. Actual Cash Value
5.3.2. Agreed Amount Value
5.3.3. Boat Insuranc
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Boat Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Boat Insurance Market Size and Volume Forecast by Application
6.3.1. Ocean
6.3.2. Lakes
6.3.3. Rivers
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Boat Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Boat Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Boat Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Boat Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Boat Insurance Demand Share Forecast, 2019-2026
9. North America Boat Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Boat Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Boat Insurance Market Size and Volume Forecast by Application
9.4.1. Ocean
9.4.2. Lakes
9.4.3. Rivers
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Boat Insurance Market Size and Volume Forecast by Type
9.7.1. Actual Cash Value
9.7.2. Agreed Amount Value
9.7.3. Boat Insuranc
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Boat Insurance Demand Share Forecast, 2019-2026
10. Latin America Boat Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Boat Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Boat Insurance Market Size and Volume Forecast by Application
10.4.1. Ocean
10.4.2. Lakes
10.4.3. Rivers
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Boat Insurance Market Size and Volume Forecast by Type
10.7.1. Actual Cash Value
10.7.2. Agreed Amount Value
10.7.3. Boat Insuranc
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Boat Insurance Demand Share Forecast, 2019-2026
11. Europe Boat Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Boat Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Boat Insurance Market Size and Volume Forecast by Application
11.4.1. Ocean
11.4.2. Lakes
11.4.3. Rivers
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Boat Insurance Market Size and Volume Forecast by Type
11.7.1. Actual Cash Value
11.7.2. Agreed Amount Value
11.7.3. Boat Insuranc
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractivenes/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Boat Insurance Demand Share, 2019-2026
12. Asia Pacific Boat Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Boat Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Boat Insurance Market Size and Volume Forecast by Application
12.4.1. Ocean
12.4.2. Lakes
12.4.3. Rivers
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Boat Insurance Market Size and Volume Forecast by Type
12.7.1. Actual Cash Value
12.7.2. Agreed Amount Value
12.7.3. Boat Insuranc
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Boat Insurance Demand Share, 2019-2026
13. Middle East & Africa Boat Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Boat Insurance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Boat Insurance Market Size and Volume Forecast by Application
13.4.1. Ocean
13.4.2. Lakes
13.4.3. Rivers
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Boat Insurance Market Size and Volume Forecast by Type
13.7.1. Actual Cash Value
13.7.2. Agreed Amount Value
13.7.3. Boat Insuranc
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Boat Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Boat Insurance Market: Market Share Analysis
14.2. Boat Insurance Distributors and Customers
14.3. Boat Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Zurich
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. AXA
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. AVIVA
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. State Farm
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Allianz
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. GEICO
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Sompo Japan Nipponkoa
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. CPIC
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Markel Corporation
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Kemper Corporation
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Allstate
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. MetLife
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. PingAn
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Westfield
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Westpac
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. RAA
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. Northbridge
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. RSA Insurance
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. Helvetia
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Pantaenius Yacht Insurance
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
