The inland marine pie may be shrinking as two major target industries–trucking and construction–struggle in the current economic crisis. But at the same time more players are fighting for a slice, keeping competition fierce and the market soft, experts in the field report.
Those queried for this article agreed that new entrants continue to look for growth opportunities, even as construction projects struggle to get funding and lack of shipping demand forces trucking companies to cut operations or go out of business.
“The marketplace in inland marine continues to be competitive,” said Joseph Tracy, president of Travelers Inland Marine. “People have seen the profits of inland marine over time, and there have been new entrants, which fuels competitiveness.”
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