Saga pulls out of boat insurance,

A

Alfie168

Well-Known Member
Joined
28 May 2007
Messages
59,750
Visit site
Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.

Personally speaking this is very sad news :(
 
Alfie168 said:
Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.

Personally speaking this is very sad news :(
Click to expand...
Did SAGA give a reason?
 
Yes, sad news. We've been with them since we bought our boat over 15 years ago. One major claim with no hassle five years back, so maybe they haven't found it profitable?
 
What is worrying me is whether it has anything to do with Brexit. My current broker tells me that companies are reluctant to continue insuring yachts that are not UK-registered. If SAGA had a lot of such boats on their list I suppose that might have affected their decision.

I had been considering re-flagging my boat in an EU Member State but I have decided to wait and see what develops.
 
We're in a similar situation. The boat is still SSR registered but may have to be transferred to French registration if the rules change. We have an attestation from the Capitainerie that the boat was in France 31dec/01jan so we may be OK, certainly VAT-wise.
 
There are multiple challenges in the marine insurance market. Brexit is probably puts some insurers off but the bigger issue appears to be the mounting losses (largely from the Caribbean) and other hurricane zones. I told there are signs the market has reached peak stress and will start to improve - whether that’s enough to draw departing insurers back in remains to be seen
 
My boat insurance went up this year, the broker advised me that most insurance underwriters are now looking to increase the premiums on boats over 20 years old.
As matt 1 points out in #8 there are several challenges in the marine insurance market so we can probably expect to see other companies dropping out and premiums increasing.
 
Alfie168 said:
Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.

Personally speaking this is very sad news :(
Click to expand...

WTF? I renewed with them 2 weeks ago !
 
Whether they can pass on your data as a broker depends on the consents you have given in your terms of business but it’s standard that if a broker transfer its team for a line of business to another broker or back to the insurer (is Haven connected to Amlin maybe?) . Clearly a broker wants to ensure its customer are not orphaned but a renewal book which has a fairly sticky customer profile is saleable based on say 50% of customer base renewing. Value rather turns on commission but say 30 % per insured.
 
Alfie168 said:
Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.

Personally speaking this is very sad news :(
Click to expand...

Consolidation is taking place all over. If you decide to stay with Haven I can support givjng them a chance.

No commercial connection other than as client.

PWG
 
Give the price they quoted me a few years back no wonder they are withdrawing from the market, it was five times higher than the average quote I had that year!
 
Alfie168 said:
Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.

Personally speaking this is very sad news :(
Click to expand...

That made a good start to the day, don't get our mail till after lunch, think we changed from Knox-Johnston to Saga years ago now.

Brian
 
The renewal date for my policy is in February and I've just received my renewal invitation as normal - premium unchanged from last year (I've always found their pricing reasonable).

The website says they won't be providing boat insurance for new customers from April 2021. Presumably the policy will either be transferred to a new provider (a transfer already allowed for in the Ts and Cs) sometime after April 2021 or be allowed to run to its conclusion in 2022.
 
You must log in or register to reply here.

Share this page

Top