Accelerating product innovation
The commercial insurance industry could benefit from leading-edge management practices that originated in manufacturing and have profoundly influenced other sectors.
Accelerating product innovation
Mexico's new insurance and surety institutions law
Enterprise risk management (ERM) in Japan
The journey toward greater customer centricity
Risk-based capital in the Chilean market
State of the market: Q2 update from Shaun Crawford
The role of CROs in a risk-focused era
Capital Confidence Barometer: October 2012-April 2013
Global insurance outlooks 2013
Global insurance: vast potential
The global insurance market is remarkably strong, despite continued fallout from the financial crisis. Low interest rates coupled with relatively poor investment returns have impeded growth, but demand for insurance products and services remains high.
We keep you prepared by providing insights into the nuances of your market, as well as global trends putting pressure on the industry.
Stay nimble amid risk and regulation
Waves of global legislation continue to pressure management and absorb precious resources. Combined with the need to innovate in a highly competitive environment, this is causing some insurers to withdraw from long-standing core markets and product lines.
However, insurers are adapting by leveraging technology and developing operating models that are compliant with Solvency II. New business architectures will enable insurers to release better products more quickly and cheaply.
Gain market insight
The balance of power is shifting toward the customer, and distribution models are rapidly evolving. Emerging markets in Latin America, Asia, Africa and Eastern Europe are future battlegrounds that offer big prizes – but only if insurers can get it right.
Success will be achieved with patience, long-term investment and genuine understanding of local dynamics.
Are you ready for Solvency II?
Although political agreement on the date for full implementation of Solvency II remains elusive, EIOPA is currently consulting on guidelines which will encourage preparation activities by both (re)insurers and national regulators.
Are you ready?
Related content
Sorting through Solvency II
Our Global Insurance leader Shaun Crawford discusses whether or not Solvency II challenges will be resolved soon.
Recovery and resolution planning for insurers
After a long scrutiny of banks, regulators are turning to insurers. Understand the scope and timing of their directives and how you need to prepare.
Risk-based capital in the Chilean market
Chile's insurance regulatory agency has issued its first risk-based capital model. Learn why the model marks an important shift for the country's insurance market.
Solvency II readiness: progress and challenges
Our survey of the European insurance industry reports slow but steady movement toward compliance. See which countries are best prepared - and which are falling behind.
Actuarial and risk management strategies
As the insurance market undergoes radical change, insurance companies face a difficult balancing act. They must identify and assess new options for value creation while continuing to manage risks and meet emerging regulatory requirements such as Solvency II and IFRS.
The combination of our dedicated actuarial and risk professionals and close partnerships with related practices across EY provides truly integrated services across all disciplines in the insurance industry. See where our more than 1000 actuarial and insurance risk professionals serve clients around the world.
Our deep global knowledge comes from our work with insurance companies, banks, pension funds, private equity firms, sovereign funds and local regulators and enables us to answer key challenges the industry faces.
Click the magnifying glass to learn more about our actuarial and risk management expertise, and how we use this to enhance financial performance and the effectiveness of actuarial and risk management functions.
Leverage our knowledge by contacting our actuarial insurance team leaders in EMEIA, the Americas, Asia-Pacific or Japan.
Explore the service areas below to learn more about our actuarial and risk management expertise.
- Risk and capital
As capital becomes scarce and competition from other financial institutions increases, insurers are evolving from static to dynamic optimization of risk portfolios. We help companies optimize their risk portfolios under current rules as well as expected new regulations such as Solvency II.
- Customers and growth
The insurance industry faces many challenges: political changes, economics, product innovation, technology advances, competition from other financial sectors and changing customer behavior. We prepare companies for these changes by providing practical insights on consumer buying patterns. We also help you understand which customers truly create value so you can build strategies to enhance these high-value relationships.
- Financial reporting
The global insurance industry is facing a wave of new regulations and reporting requirements. It is crucial for companies to understand the micro and macro effects of new reporting requirements—the importance of reported figures and the wider implications for strategy and operations. We help companies understand and prepare efficient external and internal reporting frameworks by providing actuarial services that are part of integrated multi-disciplinary solutions.
- Actuarial transformation and offshoring
To improve cost-effectiveness, insurance companies have a broad range of options: integrated finance solutions, actuarial and risk reporting processes, selective offshoring and shared service centers for improving standardization and output quality. We help companies simplify their actuarial infrastructure and achieve cost efficiency by streamlining or offshoring/outsourcing their actuarial and finance reporting processes.
- Modelling
Actuarial and risk models are becoming increasingly crucial to business operations. Although a fast close of actuarial reporting remains important, regulatory focus and requirements to put a robust control environment around models are also increasing. We help companies make their actuarial and risk models efficient and fit for purpose.
- Audit and assurance
With long experience as auditors and more broadly on assurance engagements, our multi-disciplinary actuarial teams give comfort to Boards on key strategic items including managing supplementary financial information and meeting regulatory requirements.
- Asset management
Asset management is closely linked with capital optimization, product optimization and financial modeling. Facing innovation and competition from other financial sectors, insurers must develop optimal asset management strategies. We help companies with asset liability management, derivative pricing and performance management.
- Mergers and acquisitions
As companies revisit and optimize their portfolios, they look to acquire and consolidate more attractive businesses, and dispose of businesses in markets where they cannot compete. With depressed valuations in many insurance markets and the shifting strategies of multinationals, the mergers and acquisitions market is poised to become more active. Our experienced Transaction Advisory team provides integrated services to help companies with valuations and post-merger integration.
Related content
- Economic capital framework and modelling challenges
- Recovery and resolution planning for insurers
- Financial Services: Bringing the broader perspective
- Five trends to watch in annuities
- Insurers prepare for market-consistent frameworks
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.
Related content
European Insurance Finance and IFRS Conference
At the inaugural conference, delegates shared their insights and challenges around IFRS, Solvency II, integrated reporting and the future organization of the finance function.
IASB/FASB models for non-life insurers (replay)
Listen to this webcast replay and stay up-to-date on the IASB/FASB project on insurance contracts. Related webcasts cover the issue for life insurers and non-life insurers.
IASB/FASB models for life insurers (replay)
Listen to this webcast replay and stay up-to-date on the IASB/FASB project on insurance contracts. Related webcasts cover the issue for life insurers and non-life insurers.
IFRS insights: data, systems and processes
We explore the latest considerations for insurers around IFRS 4 Phase II, Solvency II and Pillar 3.
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.
- The journey toward greater customer centricity
- Global Consumer Insurance Survey 2012
- Voice of the customer: time for insurers to rethink their relationship (webcast replay)
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:
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?
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2013 outlooks
Get our perspective on what's ahead for eight insurance markets around the world, plus a look at global trends and issues.
Managing change
David Hollander, Global Insurance Advisory Leader, discusses the key challenges facing insurers.
Deep dives on key topics
What is going on in our markets