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Ernst & Young Global Insurance Center - Ernst & Young - Global

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.

 

Solvency II: Reading the tea leaves under a glass ceiling – Disclosing financial strength

Insurers need to consider that reporting will be more focused on future events, which necessitates bridging quantitative information with management’s plans and expectations – in effect, more of the planning and control cycle will be visible. In this paper, we examine disclosure, market discipline and the potential implications (pdf, 1.1mb)  for processes, governance and information requirements. Furthermore, we compare Pillar 3 requirements and financial reporting under International Financial Reporting Standards (IFRS).

Solvency II: Unlocking the mystery of the risk framework around ORSA

In this article, we continue our discussion around risk management, testing the impact of ORSA (pdf, 615.3kb) , the guidance to date, where companies currently stand and the key issues and challenges they face.

Insurance accounting alert

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. At the November meeting the IASB will also consider the recognition of rights and obligations arising from insurance contracts and will examine accounting for policyholder participation features. Read the November issue (pdf, 97.8kb).

D&O viewpoint: Moving past the current turbulence

While the D&O market is rightly focused on the fallout from the financial crisis, forward-looking  carriers are applying lessons from the recent past and taking systematic action to prepare for the next market evolution (pdf, 123.2kb).

Podcast: BestDay interview with Robert Stein

Listen to Robert Stein discuss regulation within the insurance industry.

Solvency II: Putting risk and governance at the heart of business

The adoption of the Solvency II framework directive by the European Union’s Economic and Financial Affairs Council on 5 May brings the proposed economic, risk-based capital regulatory regime one step closer to reality. Significant challenges lie ahead for insurers in developing the proper framework to support their businesses within the implementation timeline. In this paper, we examine the importance of Pillar 2 and its implications (pdf, 148.8kb).

2009 insurance industry outlooks

In a continually evolving economic climate, there is a greater need for insurance companies to work strategically to achieve their growth objectives. Ernst & Young discusses the key issues facing the insurance industry this year in these reports


Reflections on current market conditions

In an unprecedented economic slowdown, insurance companies are under pressure to re-evaluate their strategies and capitalize on opportunities. Management is being called upon to protect the organization’s assets and capital base, safeguard ratings and mitigate exposure to loss. This article shares our thoughts on current market conditions, business implications and steps that insurance companies should be taking in the foreseeable future.

Contacts

If you have a specific service need or inquiry, please contact one of our Insurance professionals.

Related topics

FSTP worldwide: Financial services transfer pricing insights
Read our July 2009 (pdf, 1mb)  issue

National Underwriter executive conferences
The annual National Underwriter Life insurance and Property-Casualty industry conferences will be held on 5-6 and 12-13 November, respectively.
For more information, access the event websites listed below:

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