Are you ready for Solvency II?

At the recent Trilogue meeting, the European Commission proposed a deferral of the implementation date of Solvency II to January 1, 2015, but the proposal did not reach consensus.

• Solvency II contacts

Are you ready?

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Potential delays for Solvency II timeline

Insurers will have to continue their balancing act, adopting SII while the issues of timescales and long-term guarantees hang over them.

Risk-based capital and governance in Latin America

Argentina, Brazil, Chile and Mexico have individual views on risk-based capital and the implications for insurers as they drive towards compliance.

Implementing IFRS 4 Phase II with IFRS 9 and Solvency II

The size and complexity of the multi-year implementation of IFRS 4 and IFRS 9 is expected to impact companies fundamentally. Given the potential synergies and differences, the time to address these issues is now. See our implementation and project management considerations from an IFRS 4 Phase II and IFRS 9 perspective.

Solvency II implications for Asian life insurers

While many elements of Solvency II, a European framework, may represent a "to-be" roadmap, not everyone sees the full adoption as an optimal (or practical) next step in many Asian markets. Eventually, each Asian market will plan its own journey towards a more robust regulatory evolvement.

Solvency II publication archive

Tap into our archive of thought leadership reports and gain insight into the evolution of Solvency II and its impact on the industry.

Actuarial and risk management strategies

Never has it been more critical for companies to understand and stay in tune with the changing climate of their business. Companies want to achieve competitive advantage and adapt quickly to the evolving business environment. Yet, there is a growing gap between the volume and complexity of risks that companies face today and the techniques available to manage them. We can help fill those gaps by providing services that can enhance your company's decision-making.

We combine global insight and local reach to assist financial services and insurance clients in developing and validating strategies to make sound decisions. The outcome of this collaboration is important to the success of your enterprise.

Our areas of focus include the following services:

• Actuarial transformation
• Actuarial review
• Actuarial operations
• Changes to financial reporting methods
• Performance improvement

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• Financial Services: Bringing the broader perspective

Be prepared for IFRS/accounting changes

We are increasingly living in a global economy — with trade and inbound and outbound investment a fact of life. It's no wonder capital markets have long advocated for globally recognized accounting standards.

Until recently, that common accounting language has been a missing link. Now, policymakers, lawmakers and regulators are working alongside standard-setters to provide a single set of high-quality, global accounting principles.

Benefit from our timely insights as your prepare for this transition.

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Use our insurance business impact accelerator tool

Have you developed a roadmap for implementing IFRS Phase II? Use our insurance business impact accelerator tool to help evaluate and overcome your key challenges.

Limited improvements to IFRS 9 for insurers

Now that the IASB has confirmed its intention to consider making limited improvements to the IFRS 9 classification and measurement model, they are working with the FASB to align more closely. What is the impact on your accounting models and when should you being adopting them?

Implementing IFRS 4 Phase II with IFRS 9 and Solvency II

The size and complexity of the multi-year implementation of IFRS 4 and IFRS 9 is expected to impact companies fundamentally. Given the potential synergies and differences, the time to address these issues is now. See our implementation and project management considerations from an IFRS 4 Phase II and IFRS 9 perspective.

IFRS 10 Consolidated Financial Statements

In May 2011, the International Accounting Standards Board (the IASB) issued IFRS 10 Consolidated Financial Statements, which becomes effective for annual periods beginning on or after 1 January 2013. IFRS 10 must be applied retrospectively.

IFRS / accounting change publication archive

Tap into our archive of thought leadership reports and gain insight into the evolution of IFRS / accounting change and its impact on the industry.

Customer agenda

The buying behaviors, attitudes and preferences of insurance customers worldwide are changing. To understand this transformation, insurers need to determine how they must adapt to attract, deepen and preserve customer relationships.

• On-demand: Voice of the customer: time for insurers to rethink their relationships

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Global consumer insurance survey 2012

To help insurers determine how they must adapt to attract, deepen and preserve customer relationships, we surveyed 24,000 insurance consumers across 7 regions.

Governance facing the industry today

We, along with Tapestry Network, established the Insurance Governance Leadership Network (IGLN), a global network centered around non-executive directors from a select group of the largest insurers from Europe, North America and Asia. The IGLN provides a peer-to-peer platform for participants to discuss critical issues facing the industry globally. Its primary focus is the non-executive director, but it also engages senior management (notably chief risk officers) and regulators, all of whom are committed to outstanding governance and supervision in support of the mission to build strong, enduring, and trustworthy insurance institutions.

Tapestry Briefings – A View from the Boardroom:

• Insurance industry facing real challenges: a view from the boardroom
• Global insurance leaders find common ground amid economic and regulatory uncertainty

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From the Boardroom: Insurance leaders meet in London

We, along with Tapestry Networks, welcomed industry leaders to the European Insurance Governance Leadership Network (IGLN) meeting in London where executives discussed today’s changing regulations.

Operations and technology: implementing efficiencies

In recent years, a new generation of technologies has created a renewed appetite amongst insurers for using IT to manage claims more effectively.

Yet there are still a large number of challenges to be overcome in delivering the anticipated business benefits. Are you achieving the improved claims performance you need from your IT investments?

According to our latest research, insurers could get much greater value by changing their approach.

Our survey "Delivering results through claims technologies" explores the challenges and opportunities of investing in claims technologies in France, Germany, Italy, Spain and the UK.

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• Learn more about our Insurance claims advisory services

The emergence of emerging markets

The global economy is at a turning point. Fast-growth economies in Asia, the Middle East, Africa, Latin America and Eastern Europe now form almost half of global GDP and, in 2010, they contributed 70% to overall global growth.

These trends are accelerating. By 2050, fast-growth economies are projected to account for 65% of the global economy. In contrast, most developed markets are still struggling to recover after the global recession. For many businesses, their very survival depends on pursuing a growth agenda. This might include expanding into new markets and sectors, finding new ways to innovate or taking new approaches to talent. But there’s one key question that must be answered: how can your insurance business make the most of the many opportunities that exist?

Related content

• Risk-based capital in Latin America
• Growing Beyond
• Capturing the momentum: Ernst & Young's 2012 Attractiveness Survey - Brazil
• Rapid-Growth Markets Forecast: Summer 2012