Marine underwriters in the US are facing special challenges from slow economic growth and minimal interest rates.

American Institute of Marine Underwriters (AIMU) Chairman Dennis Marvin says there were currently fewer ships to insure, fewer goods in transit to cover with reduced value of merchandise and lower exposures.

Mr Marvin told AIMU’s annual meeting that reduced exposures and values meant flat or falling premium volume for most marine segments.

He expects a continuing soft market next year due to a combination of more-than-sufficient capacity, budget constraints of buyers and shrinking profit margins.

“Now, more than ever, the most successful marine underwriters are the most diligent, knowledgeable and focused on the risks they assume.”

Mr Marvin says he is also concerned at the increase in restrictive trade practices, with a global trade report finding governments are planning 130 protectionist measures affecting 90% of goods traded in the world.