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Industries Insurance Overview - Ernst & Young - Australia

Responding to new market dynamics

Your industry faces increasingly complex regulatory issues — issues that challenge the way you manage your risk, operations and financial reporting. 

Insurance companies come to Ernst & Young because they value our approach to meeting their assurance, tax, transaction and advisory needs. We don’t just know the issues, we’ve analysed what’s behind them to understand the impact they have on you — and the way you do business.

The Global Insurance Centre makes this possible by bringing together people and ideas from across the world, to help your business address the issues of today — and tomorrow. We can help you manage risks and make the most of opportunities in emerging markets.

Our network of professionals provides broad experience to deliver seamless, consistent, high-quality services to insurers. So you can operate your business more effectively — and understand what’s ahead for your industry.

Insurance accounting alert - November 2009

In October, the IASB and the FASB agreed to increase joint discussions on convergence projects. As a consequence, a revised insurance project timetable is being presented at this month's meeting, with a new Exposure Draft expected in April 2010. Read our summary of these updates in the November edition of Insurance accounting alert (pdf, 201.6kb).

Insurance agenda – October 2009

Twelve months on from the financial crisis, and with business confidence returning, it is clear that Australian insurers have weathered the downturn with relative success. In this issue of Insurance agenda, we ask whether insurers are older and wiser, one year on from the global financial crisis. Our second article considers how the insurance industry can keep pace with new technologies, such as social networking sites which have huge potential to develop engage and loyal customers at relatively low cost.

Insurance accounting alert - October 2009

On 20 October 2009, the IASB (the Board) met to continue the debate on accounting for insurance contracts. Other issues discussed included, unbundling of components of insurance contracts, the presentation of the performance statement and measurement of insurance liabilities. Read our summary of these updates in the October edition of Insurance accounting alert (pdf, 224.6kb). 

Lessons from change: the insurance industry

How do you manage through the recession and position your company for growth? Our insurance representatives and other sector leaders conducted over 1500 client meetings and identified some overarching themes. Sound risk management strategies, an extended market reach and improved business model could mean the difference between surviving and thriving.

Insurance accounting alert - September 2009

The IASB will further their discussions on the measurement approach for insurance contracts on Friday, 18 September. Should the Board opt for the updated IAS 37 model, the conflict with the FASB’s approach would result in the inclusion of both bases in the Exposure Draft of a new standard. Read Insurance accounting alert (pdf, 191.8kb) for a summary of these updates.

Insurance agenda - September 2009

In this month's edition of Insurance agenda we examine climate change, the use of data and the impact of the financial crisis on the insurance sector, all of which have operational and strategic implications for insurers.

Insurance agenda: The impact of the financial services regulatory overhaul

In this edition of Insurance agenda (pdf, 103kb) we examine how global regulatory changes will impact the Australian insurance industry and how Australian insurers will need to respond. In addition we ask the question Is credit rating broken? (pdf, 84kb)  particularly the perceived failures in the credit rating agencies' rating of sub-prime mortgage securities and what this means for insurers.

Ernst & Young's Financial services briefing - Issue 2, 2009

Financial services briefing (pdf, 2.9mb) brings together Ernst & Young’s collective insights from our global Banking & Capital Markets, Insurance and Asset Management networks. Financial services briefing also includes significant risk, corporate governance, financial reporting and regulatory updates.

Responding to new market dynamics

Contacts

Paul Clark
Oceania Sector Leader
Insurance
Tel: +61 2 8295 6967

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