| 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 This issue of Insurance Accounting Alert (pdf, 224.7kb) summarizes the upcoming IASB meeting where the board will discuss the unbundling of components of an insurance contract (between insurance, deposit and service components). The Board will also discuss the presentation of the performance statement of insurers and will consider whether the measurement of an insurance liability should include a deposit floor. 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). Second annual business risk report — insurance 2009 Global financial market events have created unprecedented challenges for the insurance industry. Risks are inherent in every forward-looking business decision and therefore, successful risk management should be an integral part of an organization’s strategy and operations. The economic downturn has taught us that the most important risks are the ones we did not see or anticipate. Read the top 10 risks most likely to affect the insurance sector during 2009 . 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. |
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