Insurance Insights - March 2017

Insurance Insights - March 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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River Liffey, Dublin, Ireland

Becoming an innovation catalyst

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, Becoming an innovation catalyst, focuses on what CEO’s can do to inspire and institute innovation within their organisations.

For this article we spoke with Rosaline Chow Koo, founder and CEO of CXA Group, a start-up benefits provider based in Singapore to further explore how changing corporate culture, becoming more agile and investing capital and resources will ultimately enable a successful innovative shift. Read excerpts from our discussion.

Insurance IFRS Newsletter

Making the finishing touches

With the decisions made by the IASB in February, the publication of IFRS 17 is right around the corner.

The IASB addressed issues arising from the feedback it received from the external testing and drafting process of the forthcoming insurance contracts standard. It made decisions on a level of aggregation exemption, recognition of changes in estimates and release of the CSM, as well as a few other sweep issues. The staff expect to issue IFRS 17 in May 2017.

Find out more in this month’s newsletter.

The Central Bank of Ireland

The Central Bank of Ireland recently released the following:

Consumer protection outlook from CBI.

  • Report highlights potential risks to consumers
  • Firms have an obligation to help consumers fully understand risks and benefits associated with financial products
  • Priorities include the tracker mortgage examination, the conduct of a series of risk assessments on a range of firms and themed inspections.

Review of Motor Damage Claims Handling published

  • Thematic inspection of five motor insurance providers representing majority of Irish motor insurance market carried out
  • Inspection focused on how insurance providers engage with consumers during the motor claims process
  • Research into the consumers’ experience with motor insurance claims process also published 

EIOPA update on the Non-Life PID

EIOPA’s new insurance production information document is a major step forward for consumers.

  • EIOPA proposes a standardised presentation format for the Insurance Product Information Document for all non-life insurance products across the European Union.
  • Clear and concise information makes it easier for consumers to better compare non-life insurance products.
  • The proposed design will empower consumers to take more informed decisions.

Tax Analysts article

Reinsurance transactions under a destination-based U.S. cash flow tax

It's unclear how a destination-based cash flow tax, if enacted, would apply to reinsurance transactions and whether in the insurance context it would achieve its intended results: improving the competitiveness of U.S. insurance companies and returning offshore reinsurance operations back to the United States.

For further information, read the Tax Analysts article on Reinsurance transactions under a destination-based U.S. cash flow tax.

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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