Global Boats and Yacht Insurance Market Size By Type (Actual Cash Value and Agreed Amount Value), By End-User (Commercial and Personal), By Geographic Scope And Forecast

Boats and Yacht Insurance Market Size And Forecast

Boats and Yacht Insurance Market size was valued at USD 1.53 Billion in 2024 and is projected to reach USD 2.03 Billion by 2031, growing at a CAGR of 3.96% from 2024 to 2031.

The coverage of third-party liability and availability of personal accident coverage is expected to boost the global market growth of Boats and Yacht Insurance in the upcoming years. Accidents are common on sea waterways, and yachts and boats frequently clash with other ships, inflicting extensive damage and high costs. As a result, boat owners often acquire yacht insurance plans to cover the expense of third-party damage. As a result, this is a primary driver of the yacht insurance market’s expansion. An increase in the use of analytics and telematics, which allows for a more precise assessment of existing and future risks in the marine industry, is becoming a significant growth factor for the market. Furthermore, during the projected period, the increased use of IoT is expected to promote the growth of the marine insurance market.

Global Boats and Yacht Insurance Market Definition

Boat and yacht insurance is a form of policy that covers the expense of a yacht or boat owner’s unintentional loss or damage. Comprehensive and third-party liability are both covered by yacht insurance coverage. Yacht insurance often covers the boat, machinery, theft, and injury. Boat insurance has the unique feature of covering damages at sea when the yacht is docked, on land, or in transit. In a total loss, it will be paid out in full. Additionally, partial losses are covered at replacement cost, albeit sails, canvas, batteries, outboards, and sometimes outdrives are not covered and must be purchased separately.

Global Boats and Yacht Insurance Market Overview

The coverage of third-party liability and availability of personal accident coverage is expected to boost the global market growth of Boats and Yacht Insurance in the upcoming years. Accidents are common on sea waterways, and yachts and boats frequently clash with other ships, inflicting extensive damage and high costs. As a result, boat owners often acquire yacht insurance plans to cover the expense of third-party damage. As a result, this is a primary driver of the yacht insurance market’s expansion. An increase in the use of analytics and telematics, which allows for a more precise assessment of existing and future risks in the marine industry, is becoming a significant growth factor for the market.

Furthermore, according to International Business Machines (IBM), an American multinational technology company, more than 80% of insurers are expected to increase revenue collection by employing a digital platform on the market. The deployment of a digital platform is expected to boost revenue growth by 15% for many insurers. As a result, digital platform usage is predicted to drive market share growth for boats and yacht insurance.

However, the market’s expansion is being hampered by changes in exposure and stringent claims experience. On the other hand, the increase in demand for boat and yacht insurance and digital platforms in the insurance sector might be seen as a growth opportunity in the coming years.

Global Boats and Yacht Insurance Market Segmentation Analysis

The Global Boats and Yacht Insurance Market is segmented based on Type, End-User, and Geography.

Boats and Yacht Insurance Market Segmentation, By Type

• Actual Cash Value• Agreed Amount Value

Global Boats and Yacht Insurance Market is segmented into Actual Cash Value and Agreed Amount Value based on Type. By 2030, the Actual Cash Value segment is expected to account for a significant portion of the Boats and Yacht Insurance market. Advantageous features such as pre-arranged boat value, receiving the boat’s total value back when their claim is approved, and easy application and appraisal process are the prime reason for the segment’s growth.

Boats and Yacht Insurance Market Segmentation, By End-User

• Commercial• Personal

Global Boats and Yacht Insurance Market is segmented into Commercial and Personal based on End-User. Due to the rising free trade agreements in commercial use and the increase of sea tourism across the globe, the Commercial segment is predicted to develop exponentially throughout the projection period.

Boats and Yacht Insurance Market, By Geography

• North America• Europe• Asia Pacific• Latin America• Middle East

Based on the regional analysis, the global Boats and Yacht Insurance Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East. Europe accounted for a significant share of the global Boats and Yacht Insurance market. During the forecast period, the market in the region is expected to hold the largest revenue share due to the positive impact of marine transport on the European market. Due to many participants active in the maritime insurance industry in this area to provide excellent services, Asia Pacific is expected to develop at the fastest rate over the projected period. Furthermore, the boats and yacht insurance market is likely to benefit from increased tourism activity and the rise of IoT services in the Asia Pacific.

Key Players

The “Global Boats and Yacht Insurance Market” report will give value-for-money insight with an emphasis on the market. The major players in the market are Tokio Marine, Zurich, Chubb Ltd., Aviva India, China Taiping Insurance Group Ltd., Reliance Nippon Life Insurance Company Limited, ING Group, United India Insurance Co. Ltd., CPIC, Ping An Insurance (Group) Company of China Ltd., Allied Insurance Company, Merriam-Webster, and Others.

Key Developments

• In April 2022Tokio Marine established a corporate venture capital (CVC) fund to invest in early-stage companies worldwide. Fintech, healthcare, automation, climate tech, insurance, mobility, cybersecurity, and artificial intelligence are among the sectors where the Palo Alto-based CVC fund is scheduled to write checks worth $500,000 and $3 million.

• In July 2019Chubb introduced a change. In its marine insurance, the company uses its value-added service (VAS) to provide immediate shipment insurance on the network trade platform (NTP) for various items, including business containerized cargo, parcel freight, and other domestic goods. It’s available in Australia, South Korea, and Singapore right now.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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