Torrance: "end of the reserve party" closer after results disappointment

Brokers are set to come under greater scrutiny and pressure after Allianz admitted it needed to turn around the "unsatisfactory performance" of its private motor book.

The warning came as Allianz chief executive Andrew Torrance delivered the insurer's half-year results, which highlighted a poor performance across the insurer's retail arm. "We have increased our private motor rates by 5% so far this year. However, we would like to take action on that account in terms of looking at intermediaries

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