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  4. > UK Boat, Yacht and Pleasure Craft Insurance: Market Dynamics, Affinities and Partnerships

UK Boat, Yacht and Pleasure Craft Insurance: Market Dynamics, Affinities and Partnerships is a report investigating the market for boat, yacht and pleasure craft insurance in the UK. Key features include: an outline of market drivers and the value, growth and segmentation of the market from 2010 to 2014; quantification and commentary concerning the segmentation of policies in force by distribution channels used to buy them in 2014; estimates for underwriter market shares in 2014; a comprehensive listing of major affinity and partnership marketing relationships visible at the time of the research in 2015 for these types of policy; and forecasts for the value of the market up to 2018.

In this report, vessels in scope can be segmented into four categories: sailboats (e.g. yachts); inboard / sterndrive motor boats (e.g. narrowboats); other rigid boats including outboard motor boats; and inflatable boats measuring over 2.5 metres and weighing more than 20 kilograms. However, vessels used primarily for commercial purposes are excluded as are those kept mainly at locations outside of the UK even if owned by UK residents. Insurance for vessels in scope is mainly to cover the risks of third-party liability and property.

In keeping with 19 other studies in this series, research processes and sources used to create it include the following: primary interviews with leading brokers, underwriters and affinity / corporate partners active in this field; in-house data drawn from other Finaccord reports; and comprehensive analysis of secondary information from a diverse range of data sources including UK government departments and financial regulators, relevant lifestyle organisations and trade associations, specialist publications and published disclosures by competitors active in the market.

Table Of Contents

UK Boat, Yacht and Pleasure Craft Insurance: Market Dynamics, Affinities and Partnerships
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is the report and the rationale for it? 3
Methodology 3
Definitions 3
Boats, yachts and pleasure crafts 3
Operating models 4
Partner table syntax 4
Finaccord 5
UK affinity and partnership marketing publications 5
UK market research publications 5
UK consumer research publications 6
20 MARKET ANALYSIS 7
Market drivers 7
The number of insurable vessels has increased gradually in recent years… 7
Market size and growth 8
… causing a similar steady rise in the value of the associated insurance market 8
Distribution channels 8
Brokers dominate the distribution of boat, yacht and pleasure craft insurance 8
… albeit many operate more in the fashion of tied or multi-tied agents 9
Some (but not all) are members of British Marine 9
A few underwriters of this type of insurance sell directly to the public, usually via specialist brands… 10
… but aggregators have displayed little interest in this market 10
Affinities and partnerships 11
Numerous (mainly small) affinity and corporate partnerships exist for this type of insurance 11
Market shares 14
Underwriters at Lloyd's of London account for a large share of the market, and they are followed by Zurich 14
Market forecast 15
The market value will continue to rise albeit stiff competition will make it difficult to increase prices

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for UK boat, yacht and pleasure craft insurance, 2010 to 2014 2
10 INTRODUCTION 3
20 MARKET ANALYSIS 7
Number of insurable vessels measuring between 25 metres and 24 metres in the UK, 2010 to 2014 7
Gross written premiums for boat, yacht and pleasure craft insurance in the UK, 2010 to 2014 8
Segmentation of distribution channels used for boat, yacht and pleasure craft insurance in the UK, 2014 9
Affinity and partnership marketing relationships for boat, yacht and pleasure craft insurance in the UK, 2015 11
Affinity and partnership marketing relationships for boat, yacht and pleasure craft insurance in the UK, 2015 (continued) 12
Affinity and partnership marketing relationships for boat, yacht and pleasure craft insurance in the UK, 2015 (continued) 13
Estimated market shares of underwriters of boat, yacht and pleasure craft insurance in the UK, 2014 14
Estimated market shares of underwriters of boat, yacht and pleasure craft insurance in the UK, 2014 (table) 15
Gross written premiums for boat, yacht and pleasure craft insurance in the UK, 2018 (forecast) 15

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ref:plp2015

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