'Small craft sector also developing...'
James Roberts: 'focus on service, value for money and strong policy wordings'
James Roberts, head of Navigators & General, says the company has also noticed the tougher market conditions, but there are still growth opportunities in the insurance sector and demand for new quotes.
'Demand for our new commercial Marine Combined Policy has been very high. We are already well ahead of 2008 forecast in this sector and believe this is due to a combination of factors. Firstly the launch a new combined product, that offers better value and improved efficiency (to a market that has had few alternative choices over the last five years) at a time when businesses are looking closely at operating costs.
'We are also noticing a change consumer buying trends for small craft and mid range pleasure craft as an increasing number of boat owners choose to arrange their insurance online. This is largely a time driven factor, but also related to a general increase in internet security confidence and belief that online purchases offer better value.
'It is these markets where conditions are toughest, but growth is still possible with the right product and service level.
'The other area of marked growth has been the superyacht industry where unrelenting demand for boats is driving sales of our new Prestige Policy (for boats over £1,000,000) to the extent that we are already well ahead of this year's plan in this sector.
'There is no question that we are facing tough market conditions, but with a focus on service, value for money and strong policy wordings we are confident in outlook for 2008 and beyond.'
Navigators & General
T: 01273 863400
W: navigatorsandgeneral.com
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