Industries Insurance Overview - Ernst & Young - Australia

We highlight insights from our Asset Management, Banking & Capital Markets and Insurance network on the key themes of the market - operational effectiveness, growth, capital, risk and regulation.

Through LAGIC, APRA is seeking to achieve greater consistency in the capital frameworks applicable to general insurers and their life insurance counterparts. This paper discusses the potential impact on capital and reinsurance programmes (pdf, 321.6kb).

Looking for insights into the insurance markets in Europe, Canada and Asia-Pacific as well as the US life insurance and property/casualty sectors? As uncertainty over economic conditions continues to impact buyers of insurance products and services, insurers must consider strategic and flexible approaches. Find out how to manage your business in 2012.

The repercussions of the global economic recession continue to reverberate across much of the world, creating significant impediments to the growth and prosperity of global life and non-life insurers. Nevertheless, in this climate of uncertainty, insurers can achieve meaningful results (pdf, 2.2mb). The keys to success seem to be flexibility and innovation.

The IASB and the FASB held Education Sessions in January to re-deliberate the tentative decisions in the IASB’s Exposure Draft Insurance Contracts (the ED) and in the FASB’s Discussion Paper Preliminary Views on Insurance Contracts (the DP) (pdf, 126.6kb). The only topic discussed was the premium allocation method.

You can expect continued economic growth in the Asia-Pacific region in 2012. Yet, some countries, such as Japan, may have slower growth. However, concerns remain over the impact that global economic weakness, increasing domestic consumption, infrastructure investment and trade within Asia will have on continued growth. Read our predictions.

Insurers face a challenge in synchronizing the implementation of IFRS 4 Phase II with IFRS 9 in the coming years. Managing the timelines and interdependencies between them, along with other new IFRS standards, Solvency II and other finance transformations and change programs that may be underway will place significant pressure.

This edition contains the consolidated financial statements of a fictitious insurance company based in Europe. These illustrative financial statements have been produced in accordance with the IFRS, for an insurance company that issues life and non-life insurance products as well as some investment products.