Boats and Yachts Insurance Market Report 2026

The boats and yachts insurance market size has grown strongly in recent years. It will grow from $3.02 billion in 2025 to $3.21 billion in 2026 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increasing recreational boating activities, growth in luxury yacht ownership, rising marina and coastal infrastructure development, expansion of marine tourism, availability of specialized marine insurance products.

The boats and yachts insurance market size is expected to see strong growth in the next few years. It will grow to $4.06 billion in 2030 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increasing impact of extreme weather events, rising demand for real-time risk monitoring, expansion of high-value yacht ownership, growing adoption of usage-based marine insurance, increasing digital engagement by policyholders. Major trends in the forecast period include increasing adoption of digital policy management tools, rising demand for customized yacht insurance coverage, growing use of telematics and vessel tracking, expansion of online insurance distribution channels, enhanced focus on climate risk assessment.

The expansion of marine tourism is expected to drive the growth of the boat and yacht insurance market going forward. Marine tourism involves travel and leisure activities conducted on or near oceans, seas, and coastal regions, including boating, cruising, diving, and coastal sightseeing. The rise in marine tourism is largely attributed to growing consumer interest in experiential and adventure travel, especially in coastal and ocean-based destinations. Boat and yacht insurance supports marine tourism by providing financial coverage against risks such as accidents, theft, and natural disasters, thereby improving traveler confidence and promoting safer recreational boating experiences. For instance, in June 2025, according to the Bureau of Economic Analysis, a US-based government organization, the marine economy contributed $511 billion, accounting for 1.8 percent of the US gross domestic product in current dollars in 2023, up from $482.4 billion in 2022. Therefore, the expansion of marine tourism is driving the growth of the boat and yacht insurance market.

Leading companies in the boat and yacht insurance market are adopting advanced technologies such as telematics-based insurance to enhance risk assessment, customize premiums, and improve safety. Telematics-based insurance uses real-time data from GPS and onboard sensors to monitor vessel usage, behavior, and risks, enabling personalized coverage and pricing. For instance, in October 2024, CompareYachtInsurance.com, a UK-based online yacht insurance aggregator, introduced Yachtech Insurance, which employs telematics-based coverage by utilizing real-time vessel data. This system analyzes navigation patterns, weather conditions, and maintenance needs through sensors and GPS tracking, allowing dynamic premium adjustments and proactive risk management. It also offers real-time alerts to boat owners to prevent accidents and reduce claims. Yachtech Insurance aims to provide more accurate pricing, lower costs for responsible users, and minimize manual underwriting efforts.

In September 2023, Ripe Insurance Services Limited, a UK-based insurtech firm, acquired Craftinsure Limited for an undisclosed amount. This acquisition is intended to strengthen Ripe’s position in the specialist leisure insurance market and accelerate growth by leveraging Craftinsure’s expertise and customer base in boat insurance. Craftinsure Limited is a UK-based marine insurance underwriting agency that offers direct-to-customer online boat and yacht insurance without intermediaries.

Major companies operating in the boats and yachts insurance market are Allianz SE, AXA XL Global Yacht Division, Chubb Limited, AIG Marine & Personal Lines, MS Amlin, Markel Corporation, Navigators Insurance (The Hartford), Travelers Companies Inc., Hiscox Insurance Company, Intact Financial Corporation, Global Marine Insurance, Sailors Insurance Company, Seaworthy Insurance, InsureMyBoat, Zurich Marine & Yacht Solutions, Starr Marine Insurance, Tokio Marine Europe, Sompo International, Bluewater Yacht Insurance, Pantaenius GmbH, Norwegian Hull Club, Gard Marine Insurance, Assuranceforeningen Skuld, NorthStandard, Noord Nederlandsche P&I Club.

North America was the largest region in the boats and yachts insurance market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the boats and yachts insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the boats and yachts insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The boats and yachts insurance market includes revenues earned by entities through hull and machinery coverage, theft and vandalism protection, personal property coverage, towing and emergency assistance, and uninsured boater coverage. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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