Capital, risk, regulation

Insurance Agenda 2014

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Risk and capital management functions are facing significant challenges. Against a wave of regulatory reform and highly uncertain macro-economic trends, getting the right balance between capital levels, ROE and growth has never been more important.

Although insurers recognise that much of the reforms are needed and will bring positive benefits to consumers and the industry, the cost burden of implementing such reforms are significant.

We can help insurers navigate through such reforms. Improving the way risk based-decisions are made and how capital can be allocated more effectively in order to strengthen risk and capital management capabilities and increase performance in a highly competitive environment are often leveraged from learning’s offshore, notably Solvency II, but critically recognise the nuances of the local market.


IFRS 4 Phase II: Operational impacts

 

This paper examines the operational impacts of the proposed new accounting standard for insurance contracts, issued in June 2013 by the International Accounting Standards Board (IASB).


Waves of change: The shifting insurance landscape in rapid-growth markets

 

This paper highlights how elements of profound regulatory, macroeconomic and consumer change have shifted the opportunity horizon and risk outlook.



(Jul 2013)
  Business Pulse: Exploring dual perspectives on the top 10 risks and opportunities in the insurance sector in 2013 and beyond.
This publication discusses how 65 insurance companies globally are meeting the challenges and opportunities of today – and tomorrow.


(Jun 2013)
  Insurance Accounting Alert
The IASB recently issued a revised exposure draft (ED) on insurance contracts. We take a look at the key findings and implications for insurers. Please click here to read more.


(Mar 2013)
  Increasing urgency and evidence of opportunity
Insurers have entered a new era. With increased regulatory reform and difficult global macroeconomic conditions, the role of the CRO is changing. This survey highlights four key themes driving fundamental changes in the industry and new ways carriers view, manage and account for risk.

Please click here to view what this means for the local market.
Please click here to view our survey.


(Mar 2013)
  Recovery and resolution planning – The spotlight moves onto insurers
In the wake of the global financial crisis of 2008, regulators recognised that there was an urgent need to address firms being ‘too big to fail’. This article, written by our UK/US colleagues, looks at the impact as regulators shift the focus from banks to insurers.


(Feb 2013)
  The impact of FATCA for insurers
This article outlines key FATCA requirements specific for insurance companies.


(Feb 2013)
  Insurance Governance Leadership Network – ViewPoints – Leadership in time of great uncertainty
ViewPoints reflects conversations and insights from the European Insurance Governance Leadership Network (IGLN) meeting held in London on 28 June.


(Nov 2012)
  Latest APRA LAGIC update: Focus on ICAAP and supervisory review
On 27 September 2012, APRA released its latest consultation package for the Life and General Insurance Capital (LAGIC) review.

In this article we focus on the draft Prudential Practice Guideline (PPG) covering the ICAAP and supervisory review and the key considerations for boards and senior management.


(Nov 2012)
  NSW Workers Compensation: Is privatisation on the table?
In the NSW workers compensation legislation passed by the NSW parliament on 22 June, one key aspect seemingly went under the media’s radar. While the focus has been on the legislative amendments to benefits, the surprise was the amendment that enables the Government to privatise the Scheme by allowing new insurers – without the need to pass further legislation.


(Nov 2012)
  Progress in financial risk management
This survey, the third conducted by EY in conjunction with the Institute of International Finance (IIF) and the first to include global insurance firms, highlights how the global regulatory landscape is impacting the banking and insurance industries.


(Nov 2012)
  LAGIC Update
We discuss the recent documents APRA have released in regards to the Life and General Insurance Capital (LAGIC) standards and the processes and key issues that management need to be addressing to become LAGIC ready by January 2013.