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.
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.
The Central Bank of Ireland recently released the following:
EIOPA’s new insurance production information document is a major step forward for consumers.
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 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.