Boat Insurance Industry Recovery Possible Says New Report
Natural disasters and decreased consumer spending on boats have hurt insurance industry profits states a new market survey. The Boat Insurance industry has struggled to stay afloat over the past five years due to low demand in the wake of the Great Recession, says IBISWorld industry analyst Eben Jose. An annualized 8.0% increase in oil prices also made boating more expensive over the period. Combined with low disposable income, new boat sales plunged more than 15.0% annually between 2008 and 2010. Likewise, existing boat owners chose to downgrade their boat insurance policies to cut costs.
