A lot can change in a year. In 2007, experts cited the dangers of the soft market as the biggest issue facing ocean marine insurers. This year, it's all about the economy–which, along with other factors, may bring about a tightening of rates, leading players warn.
The global economic slowdown has had a major impact on international trade. Commodity prices are down from last year, as are consumer confidence and purchases, leading to a drop in manufacturing–all impacting marine business, experts told National Underwriter.
"This as a backdrop has a pretty dramatic effect on [the ocean marine] marketplace," according to Richard Decker, president of AIG Global Marine.
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