?Allianz Engineering is calling for broker support as it increases rates.
Following sustained reductions over the past few years due in large part to heavy competition, Allianz, which has a third of the engineering market share, said it was looking to raise rates by a minimum of 5%.
Neil Clutterbuck, director of Allianz Engineering, said rates were too low in both insurance and inspection sectors as a result of intense competition.
Inspections were an important part of meeting statutory and regulatory requirements.
He said that Allianz planned to take the lead in raising rates to more adequate levels.
“Brokers on the whole will welcome this as a positive move. We want to offer brokers support. High levels of service mean adequate pricing.”
Allianz said 50% of its business came through brokers.
Zurich and Norwich Union are also major players in the sector.