How Big is the Watch/jewelry Sector Within P&C?

[dustbustir]

I am trying to do some research on how big the jewelry/watch replacement sector is and there ZERO data related to this. Does anyone know how much is represented in replacement value per year?

I saw someone was claiming losses represent $100 million in replacement value per year but that seems awfully low.

Another side note, does anyone know how much premiums make up for in the industry related to jewelry/watches?

Thanks folks, everyone have a great one!

 

[Rick Deckard]

Do you know the SIC Codes for the business you are asking about? Have you run a 5-10 mile radius of your office with those SIC codes so you can see first hand?

This is your 1st post and you are asking about a specific type of business, why? Why do you want to go after jewelry stores? Do you live in urban or rural?

Have fun on the site, Cheers!

 

[insurance1822]

You may want to research "scheduled personal property claims."

Typically (if you schedule jewelry/watches..) it's anywhere from $6 - $20 per $1,000 of coverage & I'd say the average cost is around $12 per $1,000 of coverage when scheduling jewelry.

When scheduling an item you extend coverage to include mysterious disappearance, a stone falling out etc & no limit on theft (theft of jewelry, watches is typically limited to $1,500 - $2,500 unless scheduled.)

Some carriers also allow for blanket coverage. The insured can select $20,000 of blanket coverage (to include the same causes of loss..) so you don't need to individually list out each item & submit appraisals. The downside here, is blanket limits typically have a max per item limit which is 5k or 10k

 

[dustbustir]

Thanks for the info guys. I was just trying to understand the size of jewelry/watch replacement claims industry as a whole IE how much did insurance companies . There's a ton of market data on auto, health, dog bites (sort of joking but can't seem to find industry data on this sub-sector. Is it just too small (relatively) for people to track specifically?