Boat sales, which hit rock bottom in 2009, are up.
|Watercraft shorter than 26 feet in length make up 95% of thesales market; as sales in that sector have picked up, insurancedemand has grown.
|“Low gas prices are having a very positive impact on therecreational market,” notes Bill Gatewood, corporate vice presidentand director of personal insurance for Farmington Hills-basedinsurance wholesle broker and managing underwriter Burns &Wilcox. “The unemployment rate is going down, consumer confidenceis going up — and it's going to be a good year for boating.”
|Indeed, the recreational boating industry saw a 7.6% increase insales in 2015 and finished the year with two consecutive months ofdouble-digit growth, according to Statistical Surveys, a providerof market intelligence to the marine industry. The small-to-midsizeoutboard fiberglass boat segment saw the most growth.
|Below, a summary of findings of the Boat & Yacht market fromStatistical Surveys, National MarineManufacturers and IBISWorld.
|(Click image to enlarge.)
|
Related: These infographics tell the story of 2015 ininsurance
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