Motorboat Insurance Market Report 2019 Foresees the Market to reach USD 1081.6 MN by 2026
Posted On November 05, 2020
The report by Value Market Research on the Global Motorboat Insurance Market anticipates the market growth to reach CAGR of 3.5% during 2020-2026. The market was valued close to USD 850.1 MN in 2019 and is expected to reach USD 1081.6 MN by 2026. Motorboat insurance is available for small vessels and dinghies to large commercial watercraft and yachts. Basic liability coverage to protect from losses, damages, injuries, accidents, thefts, costs incurred during the rescue, and personal belongings becoming a popular trend among water sport enthusiasts will be the primary stimulant for this market’s growth. Government regulations in making third party coverage as a minimum requirement for mooring over certain marinas worldwide will boost the market growth. The availability of a broad range of recreational marine policies covering losses due to fire or sinking will be a market booster. The only constraint of this market is the extra cost incurred by the policyholder.
Motorboat insurance provides coverage for boats and personal watercraft running on motors against damage and loss caused by common risks. Standard boat insurance offers death benefits, medical benefits, a range for personal effects, and unexpected damage to the boat. Many types of ships like a motorboat, fishing boats, speedboat, RIB, yacht, or personal watercraft are covered while in use or moored afloat or ashore and even during transit on purpose-built trailers. A motorboat insured is mandatory for sailing on marinas and inland waterways. The insurance policy may cover injury to a third party or damage to their property as additional benefits. Protection and indemnity coverage cover accidental damage, pollution damage, underwater damage, towing, wreck removal, and legal fees.
The report “Global Motorboat Insurance Market Report By Product Type (Actual Cash Value, Agreed Amount Value), By Application (Ocean, Lakes, Rivers) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026" covers the market introduction, key market statistics followed by in-depth regional revenue/or volume analysis. The report analyses the trends of the past years along with deeply studying the geo-political trends, thus authenticating the findings of the research and making it more reliable.
On the basis of product type the market is segmented into Actual Cash Value, Agreed Amount Value. By application the motorboat insurance market is categorised as Ocean, Lakes, Rivers. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa are the regions covered in the report. This geographical section of the report highlights the share of the revenue/volume spread globally.
The Report Segments Global Motorboat Insurance Market -
By Product Type
- Actual Cash Value
- Agreed Amount Value
- North America
- Latin America
- Middle East & Africa
Players Profiled In the Report:
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, and others.
Download the FREE SAMPLE of Global Motorboat Insurance Market Research Report
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