You don’t have to be a part of the yacht insurance industry to see that the superyacht market is expanding.
These majestic yachts are on the upswing among the one-percenters, and they’re often the highlights of yachting shows and the subject of features in boating industry articles.
At the 2019 La Belle Classe Superyachts Business Symposium held at the Yacht Club de Monaco, industry insiders and yacht owners discussed recent trends.
Here are some of the highlights:
- Production and sales of yachts have increased steadily since 2010
- Used yacht sales were strong in 2017-2018
- In 2018, the 190-plus-feet market outpaced the smaller yacht market
- Many new vessels are under construction at leading shipyards
- Italian and Dutch builders are busy, but German builders lead the superyacht market
- Russia’s wealthiest yacht owners purchase approximately 30 percent of superyachts
Superyacht market insiders predict future trends. Here are some that our yacht insurance specialists have received:
- New technology could revolutionize the future of yachting; notably 3D additive printing is on the horizon
- The younger generation is interested in chartering luxury yachts, seeking diversity of experience and the latest tech on board
- Eco-friendly vessels with hybrid propulsion will become the norm
The 2020 Superyacht Design Symposium will be held next month in Province of Belluno, Italy. Soon we can discern if the predictions remain consistent or if the industry is expected to head a new direction.
Yacht insurance coverage requires highly specialized knowledge of luxury marine vessels. Contact the yacht insurance professionals at Global Marine Insurance today for a complimentary review of your coverage.