The yachting industry is a major concern for insurers

yachtIn recent years, several accidents have resulted in the total loss of several yachts. The 100-meter long yacht fire at the Lürssen shipyard in Germany is an example. The damage cost was estimated at 600 million USD. In August 2022, another 45-meter yacht suffered the same fate in the Balearic Islands. It was estimated at 45 million USD.

Recreational boat worth less than 5 million USD are also at the center of the insurers' concerns. Apart from the risk of fire and pollution, these vessels often include ultra-sophisticated equipment which increases the claims cost.

The increasing number of inexperienced boaters and owners wishing to acquire larger boats also reinforces the insurers' reticence.

Finally, the growing number of natural catastrophes is another risk factor.

This situation explains the enormous tension in the yacht insurance market and the decline in insurers' capacity.

According to the broker Burns & Wilcox, it is becoming increasingly difficult for boat owners to find the right coverage for their needs or to simply underwrite insurance.

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