Insurance Insights - February 2017

Insurance Insights - February 2017

A collection of KPMG's latest publications and articles which focus on developments in, and issues facing the insurance industry.

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Recent KPMG Insurance Webcast | 26 January

Navigating the new world of insurance accounting change

If you were unable to attend our recent Preparing to report under IFRS 17 webcast session, or if you would like to share what you learned with your colleagues, please feel free to access the Webcast Recording.

During the session KPMG professionals shared practical examples of how reported profitability will be affected by IFRS 17, including showing how profit profiles will change and how volatile market conditions can impact reported profits. In addition, the impact of the variable fee approach and how this works in practice was explored. The presenters also shared some of the lessons learned from other finance and actuarial change and transformation programs to help you shape your implementation plans.

Technical Advice on Delegated Acts relating to the Insurance Distribution Directive

On 1 February 2017, EIOPA submitted to the European Commission its Technical Advice on possible Delegated Acts relating to the Insurance Distribution Directive (IDD). In particular, the Advice sets out detailed policy proposals on product oversight and governance, conflicts of interest, inducements and suitability or appropriateness of insurance-based investment products. Additionally on 7 February 2017, EIOPA submitted to the European Commission draft Implementing Technical Standards on a standardised presentation format for the Insurance Product Information Document (IPID).

The Technical Advice and the draft Implementing Technical Standards are available on the EIOPA’s Website.

At the beginning of February, the EIOPA also published a Consultation Paper on Guidelines under the Insurance Distribution Directive on insurance-based investment products. The Consultation closes on 28 April 2017.

12 questions to kick-start your successful transition

Following recent news that the final insurance contracts standard is on track for publication in May 2017, companies will want to be sure that they're ready.

In our latest blog post, two of our leading global IFRS insurance experts offer their take on the road ahead, as well as twelve questions to help you kick-start your successful transition to IFRS 17.

Stay up to speed with other news – such as the sweep issues to be considered at the IASB’s February meeting – via our Insurance hot topics page.

We encourage you to read, share and join the debate on our IFRS blog, via our IFRS showcase page on LinkedIn.

Blockchain accelerates insurance transformation

These days it seems everyone is talking about blockchain. Major insurance companies are investing into it, consortiums are forming around it, and investors are pouring in capital. While still early days, evidence suggests blockchain technologies will create significant commercial and economic value for the industry. Read more about blockchain. 

Facing the cyber threat

Insurance CEOs speak

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.

The latest article, Facing the cyber threat, examines the challenges and opportunities many insurers face in preparing and maintaining rigorous cyber security practices, including capabilities and investment required.

Brexit in the Boardroom - Issue 4

Brexit in the Boardroom - Issue 4 is now available, and our website also contains significant material and our views on Brexit.

We will continue to share with you important matters as they happen.

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