Insurance Insights - October 2016

Insurance Insights - October 2016

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

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Monthly Update - Insurance Developments

Brexit in the Boardroom - Issue 3

Brexit in the Boardroom - Issue 3 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.

KPMG Technical Practices Survey Report 2016

We are delighted to welcome you to KPMG's Technical Practices Survey report for 2016 (PDF, 2.2MB).

The main focus of our Technical Practices Survey for this year is Solvency II. With the official implementation date for Solvency II now past, and the first year end under Solvency II quickly approaching, this year's report is more timely and relevant than ever. In particular, we explore aspects surrounding the matching adjustment and the determination of risk calibrations in more detail, to name but a few aspects.

This survey is timely as you now have the results available for setting your forthcoming end 2016 valuation bases - View the Report (PDF, 2.2MB).

External Audit of Solvency II Regulatory Returns / Public Disclosures

Feedback Statement to Consultation Paper CP 104

The Central Bank of Ireland recently released the Feedback Statement to Consultation Paper CP 104 - External Audit of Solvency II Regulatory Returns/ Public Disclosures. The Feedback Statement outlines:

  • The specific areas where the Central Bank received comments from relevant stakeholders. The responses to CP 104 , including the KPMG response, are available on the Central Bank's website.
  • The final requirements for external audit of Solvency II regulatory returns and public disclosures. The main clarification in the final requirements is that for firms using partial internal models, the templates relating to the Solvency Capital Requirement ('SCR') and Minimum Capital Requirement ('MCR') will be excluded from scope of external audit.

KPMG Webcast | Global FS view on BEPS

Latest developments of relevance to insurers

It has been almost a year since the Organisation for Economic Co-operation and Development (OECD) issued its proposals to tackle perceived tax avoidance by multinational corporations. As many countries, including the EU, look to implement a number of the recommendations into their domestic legislation, changes in tax policy, resources and business models are inevitable.

Please read: What should I be doing?

How to join the Webcast:
Thursday, 20 October 2016
Time: 2.00pm GMT (9-10am EDT / 3pm CEST)
Registration: Please register here for this Webcast

After registering for this event, via the link above, you will receive details on how to log into the webcast. The webcast will last approximately 60 minutes.

KPMG IFRS News | Insurance amendments

Helping reduce the impact

Insurers need to assess the impact that the differing effective dates of IFRS 9Financial Instruments and the forthcoming insurance contracts standard could have on their business. The amendments to IFRS 4 Insurance Contractsprovide insurers with optional solutions to address this issue.

Our First Impressions (PDF, 592KB) guide contains insights and examples that will help you assess the potential impact, and make informed decisions when choosing your approach to IFRS 9 implementation.

For a high-level overview, read our web article and SlideShare presentation.

Preparing for the future

Evolving Insurance Risk and Regulation

The role of risk managers is becoming increasingly more important as the regulatory regimes around the world adopt a more risk-based approach. One of the most challenging areas for risk managers, insurers and regulators alike is identifying and assessing emerging risks that may affect the industry. It requires monitoring of global developments and thinking the unimaginable. Even when the risk has been identified, its impact can be difficult to quantify, yet it may be significant.

Emerging risks in the global insurance industry is the latest chapter in this year's Evolving Insurance Risk and Regulation series. This paper considers a number of key emerging risks for the insurance sector, which all insurers and regulators should be considering, regardless of geography.

Evolving Insurance Risk and Regulation is being published as a series of chapters released each month from June until November 2016.

  • International developments dominate regulatory change. This was the first chapter released and it covers global developments and provides our professionals' assessment of key regulatory developments.
  • Conduct risk: Increasing regulatory focus to align product, customer and value offers insights on industry developments by region, with commentary on how regulators are driving change to align products and customers.
  • Regional Regulatory Developments considers the regulatory developments of a number of countries, looked at through the lenses of ICP compliance, prudential developments, and conduct of business and consumer protection.
  • The impact of accounting changes provides a general overview of the forthcoming IFRS for insurance contracts, outlining the key aspects of the standard; and offers KPMG's perspectives on the efforts to create a globally consistent accounting framework for insurance contracts and how this could interact with the IAIS's work in the future.

Set the pace or risk falling behind

Insurance CEOs speak

Earlier this year, KPMG International interviewed more than 100 CEOs at some of the largest insurance companies around the world. We asked them about their greatest challenges and their business strategies. We talked about their investments into growth and innovation, and explored their greatest risks. We found that, despite challenges there are plenty of bright spots.

In Set the Pace or Risk Falling Behind, our new article series, we present the findings of our research and provide context and ideas to help insurance executives make the most of the changing environment. The series of 10 unique articles will focus on key themes such as transformation, data and analytics and customer-centricity and will offer new ideas and actionable tips in emerging areas such as automation, partnerships and cyber security.




Our insurance practice comprise multi-disciplinary teams, led by senior partners with extensive experience.

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Solvency II

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