A changing approach to risk.
Changes in the engineering sector have expanded the insurer's role to include risk management, although this has not increased the profitability of this market, says Tony Dowding.
The engineering insurance sector has undergone a major change inrecent years. This is a direct result of the move from prescriptive
statutory inspection to risk assessment, largely driven by regulation from
Brussels, calling for engineering companies to carry out risk assessments
themselves, rather than simply comply with regulations.
There is growing recognition of the value of risk management in this
sector. Insurers are moving much more towards the provision of risk
management services, as
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