A collection of KPMG's latest publications and articles which focus on developments in, and issues facing the insurance industry.
The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, will include the option to use a ‘simplified’ accounting model for certain eligible contracts. This model, called the Premium Allocation Approach (PAA), is expected to be widely used by property and casualty (P&C) insurers. The PAA is intended to be simpler to apply than the standard’s general measurement model and may appear similar to current P&C accounting in some jurisdictions. However, while it might seem at first that little is changing, a look below the surface reveals a number of challenges arising for insurers expecting to apply the PAA.
In the fourth of our webcast series, P&C insurers prepare to report under IFRS 17, we will explore how the PAA works in practice and consider some of the financial implications by going through a few illustrative examples. Following this webcast, participants will be able to explain:
How to join this Webcast:
Webcasts in this series:
IT and cyber risk are now very firmly on the agendas of Boards, shareholders, regulators and consumers. They are now viewed as one of the biggest risks facing organisations.
We hope you received our invitation to attend a breakfast briefing where Michael Daughton, KPMG's Cyber Risk Lead and Risk Consulting Partner, will present on Cyber Security in KPMG's Office in Dublin 1 on Wednesday, 26 April 2017.
In 2016, KPMG International interviewed more than 100 CEOs at some of the largest insurance companies globally.
In our online article series, Set the pace or risk falling behind, we present the findings of the research and provide context and ideas to help insurance executives make the most of the ever-changing environment.
Our final article in the series, Turning partnerships into value, explores the new era in deal-making as insurance CEOs look to drive the next wave of shareholder value through partnerships.
Disruption is shaking the fundamentals of the insurance industry. This is true structural change, not just a cycle. To take advantage of the new opportunities, insurers are re-evaluating their portfolio of business and rationalising their global footprint to strategically determine where they will play and how they will win in the future.
One of the immediate consequences of this trend is the rise in deal activity in the global insurance industry. In our report, The New Deal: Driving insurance transformation with strategy-aligned M&A, we explore the maturity of transaction capabilities across the globe and uncover hard truths about the challenges facing many insurers today. Within the report we provide a unique perspective on the potential solutions, technologies and approaches that are creating transformational value.
Our research of 200 insurance executives globally reveals a greater alignment between M&A activities and corporate strategy is needed. Interviews with leading insurers confirmed that this approach will be critical to evaluate the strategic-fit of an insurers M&A, partnerships and venture capital investments.
The UK government has invoked Article 50 of the Lisbon treaty, formally commencing the process of its exit from the EU. If a deal is to be reached, the negotiations will involve compromises that will affect existing trading and political arrangements. No deal, which is certainly possible, will create a cliff-edge impact for all parties. Either way, there will be significant consequences for business.
In our conversations with Irish business, it is clear that many companies have already put a Brexit plan in place to respond to the challenges and opportunities that Brexit will create. We encourage those Irish businesses who to date have adopted a ‘wait and see’ approach to act now and put a plan in place using the following as a framework for your planning:
Our KPMG Tax App, KPMG Website and Article 50 edition of Brexit in the Boardroom expands on these and other Brexit related topics. The Irish Government has recently issued an information booklet entitled “Brexit: Ireland's Priorities”, which outlines its main priorities and concerns ahead of the Brexit negotiations.
Notwithstanding the uncertainty, having a plan in place will help you manage the challenges and hopefully the opportunities that Brexit will bring. We will continue to share with you important matters as they happen.