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Economy, Fuel Prices Hit Inland Marine With Double Whammy

While most insurance industry professionals would agree there is never really a good time for a soft market, having one during an economic downturn creates a particularly unique set of challenges for

By Phil Gusman | Updated on April 06, 2008

While most insurance industry professionals would agree there is never really a good time for a soft market, having one during an economic downturn creates a particularly unique set of challenges for inland marine carriers, as a slowing economy, collapsing housing market and soaring oil prices squeeze the segment’s two biggest sources of business–construction and trucking risks.

For the construction industry, the subprime crisis and subsequent housing market crash has brought many projects to a grinding halt, as the number of new residential properties has fallen off significantly. Additionally, woes in the residential construction market are not being sufficiently offset by any increase in other types of building projects in a slackening economy.

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