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