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Business risks are constantly changing around the globe and maritime risks are no exception to it. With the advent of new technology, advanced systems, the maritime insurance industry has its risk management work cut out for it.
Among the common misconception among yacht owners is the lack of awareness. Most of the owners believe, it is as simple as buying a car insurance while completely ignoring the multi-faceted requirements. There has also been a concern among insurance companies that the yacht owners often don’t read the entire policy.This often results in a lot of confusion and argument in the event of insurance claim. A lot of yacht insurance policies, globally are purchased by word of mouth.
Yachts are becomingly increasingly popular, and are an international status symbol that many aspire to own. Yacht insurance is accordingly a growing market. In most of the cases it’s the accidents followed by fire mishaps which result in an insurance claim.
In 2017, there were about ~750 yachts on order which has remained more or less constant in the past 5 years. Expedition yachts have continued their growth story in recent years whereas the sail yachts have been declining. As of May 2018, ~60% of yachts are made to order whereas the rest are speculative.
In the superyacht segment,as of Feb 2021, ~89% of global Superyacht fleet is under 50M in length and average present market value is $16.2 Million
The superyacht insurance market had excess capacity which drove down prices. Combined with losses due to natural disasters such as Hurricane Irma and Maria , the market changed rapidly with increasing premiums and the exit of multiple players
US is still the largest market worldwide, yacht manufacturers are now also investing in new markets globally, especially in Asia. The healthy economy outlook of US is expected to become even better and Russian market tiding over recession will also provide a boost to this market.
Marine tourism and peer to peer boat rental will also play a key role in deciding the outlook of this market over the next few years. Super yachts occupy a sizable chunk of this market by value, since their average cost is roughly 10-15 times of an average 26` boat. The travel location and number of crews on a superyacht has always had a major role in determining the premium of insurance policy.
Boats might seem an odd choice for the peer-to-peer boat rental market but there’s a growing interest in this space. They use it to pay off any debts related to boat purchase and there is a growing opportunity to rent them. Insurance and other guarantees are necessary of course, and it’s thanks to major insurance players that the boat owners are able to insure up to a million dollars in liability coverage, for the company to reassure any frisky boat owners or users.
The global yacht insurance market size is estimated at ~$8.4 Billion in 2021, growing at 4% CAGR till 2026
Due to increased shipyard times and decreased man power because of COVID-19, the concerns regarding damages have increased for shipyard managers and insuring companies.The shipyards are also running at reduced staff capacity which has increased the time taken for repairs to increase.
In the superyacht segment, Hiscox MGA and other insurers are contemplating adding manning requirements to policies before issuing them but has met negative feedback by certain industry factions such as crew members
In 2017, there were over 20 major yacht insurance companies in the global insurance market with new entrants every year. The online insurance wave caught up with the yachting industry post recession.GJW Direct, one of the leading boat insurer of UK launched its online portal in 2012.The insurance companies are facing challenges related to keeping insurance premium in check after frequent hurricanes in the US.
The Superyacht insurance market has seen changes in the past years with premiums now increasing and many players have exited the market. Many insurance firms have combined with other players globally or in specific regions, for example: Pantaneius teamed up with Oversea Insurance Agency in USA
In July 2019, Chubb had brought modification In its marine insurance by offering instant shipment insurance on the network trade platform (NTP) via its value-added service (VAS), in order to insure a wide range of goods including commercial containerized cargo, parcel freight, and other household goods. It is currently available in Australia, South Korea and Singapore.
In 2017, Lloyd collaborated with yech company Windward to make use of data analytics to track and manage an insured vessel flee.It enables the underwriters to identify when vessels are exposed to high-risk situations.It also provides tools that incorporate premise for the accident and allow detailed analysis of claims.
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