Allianz head urges industry to match motor hikes

He claimed that there was a prospect of underwriting profit in the private motor sector next year. However, Mr Torrance admitted he was "very disappointed" with Allianz's failure to push up commercial rates beyond 3%, adding that the hoped-for double digit increases had not been possible as the commercial market had remained "underpriced and highly competitive".

His call came as Allianz reported that its profit before tax dropped by 11% to £78.4m in H1 2010, compared to the same period last year