Insurers face slowdown in inquiries
Insurers Navigators & General (N&G),has seen a slow down in the number of new enquiries in the mid range, £15,000- £250,000 yacht market in the latter half of 2008.
A spokesman said it mirrored the trends in boat sales affected by the economic climate and decreasing consumer confidence. ‘This is bound to have an impact on premiums for 2009 as the market becomes more competitive,’ N&G’s Joe Field said.
‘Despite this we have had a relatively windy summer and autumn, both here and in the Mediterranean which has meant that claims numbers have been similar to previous years. However, claims expenses have been rising due to inflationary influences such as materials, energy, transport and labour costs, so there may also be pressure on some insurers to raise premiums.
‘The net result of this is that N&G predicts a static market in 2009, with premiums largely remaining unaltered for yachts & motorboats across the UK. Hopefully this will ease the burden of increased fuel costs and ever rising expenses faced by boat owners.’