The Indonesian insurance market, having one of the world’s largest populations and high historical insurance premium growth rates, is one of keen interest.
However, KPMG recognizes that today's economic environment is forcing insurers to rethink the way they carry out business. Financial services companies have been brought to a crossroads by a number of challenges in the market:
From a regulatory perspective, recent changes such as the listing of Indonesia as a member of the IAIS (International Association of Insurance Supervisors) and the implementation of IFRS 4 phase 1 in 2012 have arguably put the local regulatory framework under a stronger international spotlight. As a financial institution, life insurance companies face challenges in compliance with the above as well as the Foreign Account Tax Compliance Act (FATCA).
How we can help
This environment puts an emphasis on timely and sound business decision-making. KPMG Indonesia’s Insurance practice provides guidance on the challenges faced by those in the insurance sector.
We assist clients in the fulfillment of their accounting, reporting, risk management and governance obligations, and provide guidance on regulatory issues as they unfold. Our Insurance professionals can also develop strategic and performance oriented business models.
We combine a strong local presence with access to a global network of experienced insurance professionals.