A collection of KPMG's latest publications and articles which focus on developments in, and issues facing the insurance industry.
As you know, IFRS 17 and IFRS 9 will represent a significant change for insurers, in terms of their results, finance architecture and, potentially, operating model. Interpreting its requirements requires many significant judgments.
To support you in analysing and implementing these new standards, we are pleased to announce the launch of KPMG’s global benchmarking survey on IFRS 17 and IFRS 9 implementation. The aim of the survey is to analyse the initial implementation approaches and technical judgments that insurance companies are exploring, understanding that these may be refined as implementation proceeds. Once results are analysed, you will be able to compare your chosen implementation approach to your peers at a granular level which we hope is valuable to you.
The survey will take no more than 30 minutes of your time, and most companies so far have managed to complete it in around 15 minutes. What we would ask is that if you start the survey you complete all of it, because clearly that helps us give you the most useful analysis of results. Please note that the survey is confidential (including the names of the firms who participated), and all published results will be in aggregate form, with no outcomes or comments attributable to any one institution or individual.
Please complete this survey by Thursday 12 October.
We hope you will be able to agree to take part and thank you very much in advance. If you have any questions, please feel free to contact myself or another member of the KPMG Insurance team.
KPMG’s flagship publication on IFRS, Insights into IFRS, is now available in a new edition, both in hard copy and as an e-book on ProViewTM.
Insights pools the collective experience of our IFRS specialists into over 3,000 pages of in-depth analysis.
The 14th Edition contains all our latest thinking on the new standards – on revenue, financial instruments, leases and insurance contracts – to help you embed the change and continue preparing for the next wave.
It can be used alongside our Guides to annual financial statements to form your complete guide to the year end.
How to get your copy of Insights
For details on how to order the book, read our web article or speak to your usual KPMG contact.
Insights into IFRS: An overview, which provides a high-level briefing for audit committees and boards, is available to download.
The Central Bank published the latest issue of the Insurance Quarterly Newsletter.
In the September Newsletter, the Central Bank touches on a number of key topical areas:
The Central Bank also explains the amendments that will be made to the National Specific Templates that certain insurance undertakings are required to submit to it in addition to the quantitative reporting templates (QRTS) and also draws stakeholders’ attention to the recently published Aggregate Statistical Insurance Data, which is required to be publicly disclosed by all National Supervisory Authorities in the EU.
The Central Bank published a Feedback Statement on the following two consultation papers:
The phased increase in the industry funding levy has been approved by the Minister for Finance, beginning with an increase from 50 per cent to 65 per cent in 2017 for most industry categories.
EEA Insurers passporting into Ireland will be allocated to one of three categories for levying purposes. The levy amount for Category 1 branches belonging to EEA insurers will be aligned to ½ of the medium-high levy, but phased in over a two-year period. The current approach to levying EEA insurers doing business in Ireland on a Freedom of Services basis will remain unchanged for 2017.
Under the new Minimum Competency Regulations, a regulated firm is required to ensure that a person subject to the MCC performing a relevant function on its behalf has obtained the competence and skills appropriate to the relevant function, through experience or training gained in an employment context. The Regulations also require regulated firms to establish and maintain a register of accredited persons.
The Minimum Competency Code 2017 and the Minimum Competency Regulations 2017 replace the existing Minimum Competency Code 2011 with effect from 3 January 2018.
On 25 September EIOPA invited stakeholders to submit questions on the application and interpretation of:
Submissions are requested by COB 11 October 2017 on a “best effort” basis, but EIOPA points out that question gathering will be an on-going exercise.
Ever since the Financial Stability Board (FSB) first published its Key Attributes for Effective Resolution (KAs) in 2011, insurers have contested that they are not systemically risky in the way that banks are, due to their business model and significantly lower exposure to liquidity risk. Nevertheless, in 2014 the FSB added a specific insurance annex amendment to the KAs. Read more...
Insurers are under unprecedented pressure to leverage disruptive technologies to drive out cost of complexity and legacy, and to enable growth. The 19th edition of our annual Harvey Nash/KPMG CIO survey reveals that insurance companies have indeed invested much more heavily in areas such as digital labor, and while they are seeing strong potential, many struggle to realise value from their investments.
Over the past three years, KPMG has been working with Swiss Re on their Finance Transformation program. The program includes an exciting project to deliver an Integrated Economic and Traditional Valuation (IETV) tool, which addresses the challenge of reporting according to several standards. KPMG teams in Switzerland and the UK are supporting Swiss Re with the design of IETV through definition of key design areas and business use cases.
As part of this program, Swiss Re has developed a new accounting method that they call the Baseline Delta Approach (BDA). A new article published by Gerhard Lohmann (CFO Reinsurance at Swiss Re) and Markus Seifert (Business Lead, Integrated Economic and Traditional Valuations at Swiss Re) provides the detail.
This is ground-breaking work and we believe others in the industry will be extremely interested to learn about how it is cutting costs and adding value for Swiss Re.
It’s now widely accepted that by 2030, mobility especially in large urban areas will be dramatically different from today.
In this KPMG animation, we envision a mobility future where transport seamlessly connects people’s lives, where consumers are able to get from point A to point B in a way which is cheaper, cleaner, safer; and our journeys become productive and entertaining extensions of our day-to-day routines.
Please view KPMG's slide deck presented at an Insurtech Conference in London on 22 September.
Now that Article 50 has been triggered, how do you successfully navigate the next 24 months and beyond to manage the uncertainty caused by Brexit?
KPMG's Brexit Navigator is designed to help businesses with cross-border or cross-channel interests or customers to plot out the key decision milestones.
We will continue to share with you important matters as they happen.