Losses force insurers to reconsider construction risks
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Germany-based Allianz Global Corporate and Specialty S.E. said that insurers worldwide are considering exiting or reducing exposure to engineering risks due to large losses related to fires, mechanical failures and catastrophes, Engineering News reported. Seelan Naidoo, head of property and engineering for Africa at Allianz, said that insurers are likely to introduce risk management and risk-adequate pricing for underperforming segments this year.
