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Boat & Yacht Insurance Market Share

Report ID: GMI11686
Published Date: Oct 2024
Report Format: PDF

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Boat & Yacht Insurance Market Share

Boat & Yacht Insurance Market Company Share, 2023

Progressive, Chubb and Markel collectively held a substantial market share of over 26% in the boat & yacht insurance industry in 2023. Progressive is known for its competitive pricing and innovative use of technology, making it accessible to a wide range of boat owners while emphasizing ease of online purchasing and policy management. Chubb, on the other hand, appeals to the high-end market with its tailored coverage options and exceptional claims service, attracting affluent clients who own luxury vessels.

Markel complements this by focusing on niche markets and providing specialized policies that address unique risks associated with various types of boats and yachts. Together, these companies leverage their extensive industry experience, robust underwriting capabilities, and effective risk management practices, allowing them to cater to diverse customer needs and preferences.

Boat & Yacht Insurance Market Companies

Major players operating in the boat & yacht insurance industry are:

Allstate
AXA XL
Chubb
Geico Marine Insurance
Liberty Mutual
Markel
Nationwide
Progressive
Travelers
Zurich Insurance Group

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of boat & yacht insurance reached USD 1.8 billion in 2023 and is projected to grow at a CAGR of 5.9% between 2024 and 2032, driven by the growing affluence and luxury market expansion.

In 2023, the boat insurance segment accounted for over 63% of the market share and is expected to exceed USD 1.7 billion by 2032.

The agreed value policy segment held around 59% of the market share in 2023.

The U.S. market accounted for 87% revenue share in 2023 and is poised to cross USD 2.6 billion by 2032.

Major players in the industry include Allstate, AXA XL, Chubb, Geico Marine Insurance, Liberty Mutual, Markel, Nationwide, Progressive, Travelers, and Zurich Insurance Group.