Market Overview:
The global yachts insurance market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for luxury yachts and rising awareness about the benefits of yacht insurance. Based on type, the global yachts insurance market can be segmented into actual cash value and agreed amount value. Actual cash value policies are more popular as they offer lower premiums than agreed amount value policies. However, agreed amount value policies provide greater coverage in case of a loss or damage to the yacht. Based on application, the global yachts insurance market can be segmented into commercial use and personal use segments. Commercial use accounts for a larger share of the global yachts insurance market as compared to personal use segment owing to higher penetration in developed countries such as North America and Europe . However, with rising disposable income levels in developing countries such as China , India , Brazil , etc., there is an increase in demand for luxury yachts which will drive growth of the personal use segment over the forecast period . Regionally, North America dominates the global yachts insurance market followed by Europe . Asia Pacific is expected to witness highest growth during 2018-2030 due high economic development coupled with growing disposable income levels in countries such as China and India .
Product Definition:
A yacht insurance policy is a type of marine insurance that provides coverage for yachts and other watercraft. This type of policy can provide protection for the boat itself, as well as any passengers or property on board. Yacht insurance policies can also provide coverage for liability claims that may arise from accidents involving the boat.
Actual Cash Value:
Actual Cash Value (ACV) is a type of coverage that provides the yacht owner with an amount of money, which is the result of valuing the yacht at its market price less any outstanding loans or mortgages. In other words, it's an amount that would be received if all security interests and liens against the vessel were released.
Agreed Amount Value:
The Agreed amount value is the monetary compensation paid by one party to another in an agreement between two or more parties, where a promise has been made and accepted. The agreed amount value is used in yacht insurance policies as it constitutes part of the hull, machinery & equipment cover. It represents the total cost to replace any component during marine maintenance or repair work that may become faulty due to normal wear& tear over a stated period of time.
Application Insights:
The commercial use segment held the largest market share of more than 60.0% in 2017 and is expected to continue its dominance over the forecast period. The growth can be attributed to a rise in demand for yachts with enhanced facilities, including swimming pools, spas and saunas on board. Increasing number of superyachts also plays a key role in increasing the demand for yacht insurance policies pertaining to personal use yachts.
Personal use yacht application is expected to witness significant growth over the forecast period owing to growing leisure activities among individuals across various regions including Asia Pacific and Middle East & Africa countries such as UAE, Saudi Arabia, Qatar etc.
Regional Analysis:
Asia Pacific was the largest regional market in 2017 and is expected to continue its dominance over the forecast period. The region accounted for a share of more than 30% of the global revenue in 2017 owing to increasing number of superyacht owners opting for insurance policies. Furthermore, growing tourism sector has resulted in an increase in demand for yachts, thereby driving growth across this region.
Europe also held a significant share due to high concentration of luxury yacht owners across countries such as France, Italy and U.K., among others.
Growth Factors:
- Increasing demand for luxury yachts: The global luxury yacht market is expected to grow at a CAGR of 5.8% from 2016 to 2020, reaching a value of .8 billion by 2020. This growth can be attributed to the increasing disposable income of the affluent class, rising popularity of leisure activities such as yachting, and growing tourism industry.
- Proliferation in yacht ownership: The number of high net worth individuals (HNWIs) is on the rise globally, and this is translating into an increase in demand for luxury yachts. In 2015, there were 16 million HNWIs globally and this number is expected to grow to 21 million by 2021. This will create more opportunities for the yacht insurance market as well.
Scope Of The Report
Report Attributes
Report Details
Report Title
Yachts Insurance Market Research Report
By Type
Actual Cash Value, Agreed Amount Value
By Application
Commercial Use, Personal Use
By Companies
Zurich, AXA, AVIVA, State Farm, Allianz, Berkshire Hathaway, Sompo Japan Nipponkoa, Berkshire Hathaway, Markel Corporation, Kemper Corporation, Allstate, MetLife, PingAn, Westfield, Westpac, RAA
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
174
Number of Tables & Figures
122
Customization Available
Yes, the report can be customized as per your need.
Global Yachts Insurance Market Report Segments:
The global Yachts Insurance market is segmented on the basis of:
Types
Actual Cash Value, Agreed Amount Value
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
Commercial Use, Personal Use
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
- Berkshire Hathaway
- Sompo Japan Nipponkoa
- Berkshire Hathaway
- Markel Corporation
- Kemper Corporation
- Allstate
- MetLife
- PingAn
- Westfield
- Westpac
- RAA
Highlights of The Yachts 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
- By Application:
- Commercial Use
- Personal Use
- 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 Yachts 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
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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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?
Yachts insurance is a type of insurance that covers the costs associated with owning and operating a yacht. This can include things like damage to the yacht, loss of equipment or cargo, and even personal injury.
Some of the major companies in the yachts insurance market are Zurich, AXA, AVIVA, State Farm, Allianz, Berkshire Hathaway, Sompo Japan Nipponkoa, Berkshire Hathaway, Markel Corporation, Kemper Corporation, Allstate, MetLife, PingAn, Westfield, Westpac, RAA.
The yachts insurance market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Yachts Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Yachts Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Yachts Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Yachts Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Yachts Insurance Market Size & Forecast, 2018-2028
4.5.1 Yachts Insurance Market Size and Y-o-Y Growth
4.5.2 Yachts Insurance Market Absolute $ Opportunity
Chapter 5 Global Yachts Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Yachts Insurance Market Size Forecast by Type
5.2.1 Actual Cash Value
5.2.2 Agreed Amount Value
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Yachts Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Yachts Insurance Market Size Forecast by Applications
6.2.1 Commercial Use
6.2.2 Personal Use
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Yachts Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Yachts Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Yachts Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Yachts Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Yachts Insurance Market Size Forecast by Type
9.6.1 Actual Cash Value
9.6.2 Agreed Amount Value
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Yachts Insurance Market Size Forecast by Applications
9.10.1 Commercial Use
9.10.2 Personal Use
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Yachts Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Yachts Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Yachts Insurance Market Size Forecast by Type
10.6.1 Actual Cash Value
10.6.2 Agreed Amount Value
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Yachts Insurance Market Size Forecast by Applications
10.10.1 Commercial Use
10.10.2 Personal Use
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Yachts Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Yachts Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Yachts Insurance Market Size Forecast by Type
11.6.1 Actual Cash Value
11.6.2 Agreed Amount Value
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Yachts Insurance Market Size Forecast by Applications
11.10.1 Commercial Use
11.10.2 Personal Use
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Yachts Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Yachts Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Yachts Insurance Market Size Forecast by Type
12.6.1 Actual Cash Value
12.6.2 Agreed Amount Value
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Yachts Insurance Market Size Forecast by Applications
12.10.1 Commercial Use
12.10.2 Personal Use
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Yachts Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Yachts Insurance Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Yachts Insurance Market Size Forecast by Type
13.6.1 Actual Cash Value
13.6.2 Agreed Amount Value
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Yachts Insurance Market Size Forecast by Applications
13.10.1 Commercial Use
13.10.2 Personal Use
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Yachts Insurance Market: Competitive Dashboard
14.2 Global Yachts Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Zurich
14.3.2 AXA
14.3.3 AVIVA
14.3.4 State Farm
14.3.5 Allianz
14.3.6 Berkshire Hathaway
14.3.7 Sompo Japan Nipponkoa
14.3.8 Berkshire Hathaway
14.3.9 Markel Corporation
14.3.10 Kemper Corporation
14.3.11 Allstate
14.3.12 MetLife
14.3.13 PingAn
14.3.14 Westfield
14.3.15 Westpac
14.3.16 RAA
