In this article, we will look into the 15 best boat/yacht insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Boat/Yacht Insurance Companies Heading into 2024.
Boat/Yacht Insurance Industry: A Market Analysis
According to a report by Verified Market Research, the global boat/yacht market was valued at $930 million in 2021. The market is expected to grow at a CAGR of 3.96% and reach $1.37 billion in 2030. The growth is driven by the coverage of third-party liability and the availability of personal accident coverage.
I0T is a major factor expected to contribute to the market growth. According to International Business Machines, a US-based multinational technology company, over 80% of insurers are anticipated to generate increased revenue by employing a digital platform. It is expected to increase the revenue growth by 15% for many insurance companies. The rising demand due to increasing accidents and losses is another factor contributing to the growth.
Segment-wise, the market is categorized into Actual Cash Value and Agreed Amount Value based on type. The Actual Cash Value is projected to hold a significant share of the market by 2030, driven by features such as re-arranged boat value, receiving the boat’s total value back on claim approval, and easy application and appraisal process.
Regionally, the global boat/yacht market is expected to be dominated by Europe and is expected to hold the largest share over the forecasted period. The growth is driven by the positive impact of marine transport on the European market. Asia Pacific is expected to grow at the highest rate. The increased tourism activity and rise of IoT services in Asia Pacific are likely to boost the growth in the Asia Pacific.
Key Players in the Market
Some of the prominent names in the market include Aviva plc (OTC:AVVIY), Allianz SE (OTC:ALIZF), and Markel Group Inc. (NYSE:MKL).
Aviva plc (OTC:AVVIY) is one of the top British multinational insurance companies. On December 5, the company announced that its network of vehicle damage repair centers, Solus, had expanded to Newport, Wales with a brand-new center. This center marks the first-ever Solus site in the country and articulates the company’s commitment to facilitating customers post-accident. The new center is located at St. Modwen Park, boasting a wide area of 23,000 ft². The center will be able to create over 30 jobs and handle 25% of the company’s motor damage claims, joining a network of 22 centers across the UK. The facility also boasts sustainability features such as solar panels and rainwater harvesting, further enhancing the site’s appeal.
Allianz SE (OTC:ALIZF) is a German multinational financial services company, specializing in insurance and asset management. On December 19, the company announced that it had re-entered the insurance securities market after a decade. The company had issued a €250 million catastrophe bond, guarding itself against European windstorms for the next three years from 2024 to 2026. This is a significant step by Allianz SE (OTC:ALIZF) to diversify its reinsurance portfolio and foster its defense against a primary natural threat. The bond was issued through Blue Sky Re DAC and initiated by an industry loss index. It was well-received by investors, emphasizing the rising appeal of the risk transfer mechanism. This move shows Allianz SE’s (OTC:ALIZF) proactive approach to mitigating risks and securing long-term protection against natural disasters.
Markel Group Inc. (NYSE:MKL) is a diverse group of insurance companies, operating across multiple lines of insurance businesses. On October 20, the company announced that it had invested in Certa, a London-based tax insurance specialist. The company had taken a 49% stake in the company. The strategic acquisition aims to fuel the company’s product development and geographic expansion. It utilizes Markel Group Inc.’s (NYSE:MKL) expertise and global reach to strengthen Certa’s niche offerings in tax and contingent risk insurance. This transaction pledges to provide enhanced capabilities, expanded product lines, and crucial capacity support to Certa’s growth plans, making it a leader in the tax insurance market.
With this context, let’s have a look at the 15 best boat/yacht insurance companies heading into 2024.
15 Best Boat/Yacht Insurance Companies Heading into 2024
Methodology
To compile our list of the 15 best boat/yacht insurance companies heading into 2024, we opted for a consensus approach. We looked through multiple market reports including, Allied Market Research, Verified Market Research, Mobility Foresights, and Business Research Insights to look for major public and private companies operating in the boat/yacht insurance market. We then sourced market caps of public companies from Yahoo Finance and the annual revenue for private companies from their websites. We have ranked the 15 best boat/yacht insurance companies heading into 2024 in ascending order of market capitalizations, as of December 19, 2023, and annual revenue.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Best Boat/Yacht Insurance Companies Heading into 2024
15. Aviva plc (OTC:AVVIY)
Market Cap as of December 19: $14.89 billion
Aviva plc (OTC:AVVIY) is one of the best insurance companies, headquartered in London. The company specializes in retirement, investments, insurance, health, insurance technology, and protection. Aviva plc (OTC:AVVIY) offers a variety of boat insurance solutions for sail, jet, sport, fishing, cruiser and cuddy, houseboats, pontoon, runabout, and personal watercraft. It is ranked among the 15 best boat/yacht insurance companies heading into 2024 and is valued at $14.89 billion, as of December 19.
14. Sompo Holdings, Inc. (OTC:SMPNY)
Market Cap as of December 19: $15.58 billion
Ranked 14th on our list, Sompo Holdings, Inc. (OTC:SMPNY) is a leading Japanese insurance holding company. With over 130 years of experience, the company has businesses in over 29 countries. Sompo Holdings, Inc. (OTC:SMPNY) provides domestic P&C insurance, overseas insurance and reinsurance, domestic life insurance, nursing care & seniors, and digital insurance products and services. Its marine insurance provides coverage for marine cargo, inland marine, and species risks. The company’s suite of offerings includes both mono-line and marine packages, tailored to the dimensions and complexity of the exposure. As of December 19, the company boasts a market cap of $15.58 billion.
13. Markel Group Inc. (NYSE:MKL)
Market Cap as of December 19: $18.64 billion
Markel Group Inc. (NYSE:MKL) is a holding company, with insurance as its core business. The company leads the insurance market worldwide with operations in the US, Bermuda, Asia, and Europe. It offers a wide range of tailored solutions for all kinds of boats including antique boats, power boats, ski boats, sailboats, fishing boats, pontoons, and pleasure boats. The company’s boat insurance policies start at a low price of $100 per year. Markel Group Inc. (NYSE:MKL) is ranked 13th on our list and is valued at $18.64 billion, as of December 19.
12. China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF)
Market Cap as of December 19: $35.47 billion
China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) is a major insurance company, headquartered in China. The company’s offerings include life insurance, accident and health insurance, property insurance, motor vehicle insurance, aircraft insurance, ship insurance, goods in transit insurance, and property damage insurance among others. As of December 19, China Pacific Insurance (Group) Co., Ltd. (OTC:CHPXF) boasts a market cap of $35.47 billion. It is ranked 12th on our list of the 15 best boat/yacht insurance companies heading into 2024.
11. American International Group, Inc. (NYSE:AIG)
Market Cap as of December 19: $47.35 billion
American International Group, Inc. (NYSE:AIG) is a leading American multinational insurance company. The company offers a diverse range of insurance products and services across multiple portfolios. Its marine and boat insurance provides coverage for sinking, theft, and fire. It also covers personal liability and property damage including the crew and material things in the boat. As of December 19, American International Group, Inc. (NYSE:AIG) boasts a market cap of $47.35 billion.
10. Tokio Marine Holdings, Inc. (OTC:TKOMF)
Market Cap as of December 19: $48.01 billion
Tokio Marine Holdings, Inc. (OTC:TKOMY) is a leading insurance company, headquartered in Japan. The company has been leading the market with its insurance products and services for over the past 100 years. Its marine and boat insurance provides coverage for perils of the seas, rivers, lakes, or other waterways. It also covers violent theft, jettison, piracy, breakdown, accident, negligence, and natural disasters. Tokio Marine Holdings, Inc. (OTC:TKOMY) is ranked among the best boat/yacht companies and is valued at $48.01 billion, as of December 19.
9. MetLife, Inc. (NYSE:MET)
Market Cap as of December 19: $49.15 billion
MetLife, Inc. (NYSE:MET) is a leading insurance company, operating across various business domains including insurance, annuities, employee benefits, and asset management. It offers insurance coverage for life, accidental and health, disability, dental, and legal insurance. MetLife, Inc.’s (NYSE:MET) boat insurance provides coverage for physical damage, bodily injury, property damage, and medical payments. It is ranked among the 15 best boat/yacht insurance companies heading into 2024 and is valued at $49.15 billion, as of December 19.
8. Liberty Mutual Insurance
Annual Revenue (2022): $50.00 billion
Founded in 1912, Liberty Mutual Insurance is a leading insurance company in the United States. With over 100 years of experience, the company provides a wide range of innovative insurance products, services, and technologies. The company has operations in over 29 countries and has more than 45,000 employees. The company provides boat insurance services to boats, yachts, pontoon boats, fishing boats, and personal watercraft among others. The company reported an annual revenue of $50 billion in 2022.
7. ING Groep N.V. (NYSE:ING)
Market Cap as of December 19: $50.66 billion
ING Groep N.V. (NYSE:ING) is a leading financial services company, specializing in banking, asset management, and insurance services. The company provides insurance for all kinds of sea-related risks including storm, collision, sinking, grounding, and fire. It also covers the battery, strike, lock-out, riot, commotion, and war under its boat/yacht insurance. As of December 19, ING Groep N.V. (NYSE:ING) boasts a market cap of $50.66 billion.
6. AXA SA (OTC:AXAHY)
Market Cap as of December 19: $72.49 billion
Ranked 6th on our list, AXA SA (OTC:AXAHY) is a French multinational insurance company. The company provides insurance, asset management, and banking solutions. AXA SA (OTC:AXAHY) offers a wide range of boat insurance plans for motor boats, sailboats, or yachts. As of December 19, the company has a market cap of $72.49 billion.
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Disclosure: None. 15 Best Boat/Yacht Insurance Companies Heading into 2024 is originally published on Insider Monkey.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.