Insurance Insights October 2018 | KPMG | IE
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Insurance Insights

Insurance Insights

Insurance Insights

KPMG Technical Practices Survey 2018

Our colleagues in KPMG UK carry out an annual survey to enable UK life insurance firms to identify the key Solvency II technical issues within the UK life insurance industry, and the range of methodologies and approaches that have been adopted by their peers.

Read the Technical Practices Survey 2018 (PDF, 11MB)

Tackling Insurance challenges with blockchain

Many insurers are starting to recognize that blockchain has significant potential to transform the insurance value chain and create a more secure, efficient, cost-effective, and customer-friendly experience.

When investigating blockchain integration, the question quickly transforms from, “How can blockchain help?” to “Which specific use cases offer the greatest long-term value and return on investment?”

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Harvey Nash/KPMG CIO Survey 2018 - Insurance Industry Findings

The Harvey Nash/KPMG CIO Survey is the largest IT leadership study in the world, with almost 4,000 respondents across 84 countries, representing over US$300bn of IT budget spend.

This Insurance industry snapshot provides survey responses from 200 IT leaders on some of the key topics, and highlights several areas where this industry’s responses differed significantly from those across all industries.

Read the survey findings (PDF, 312KB)

 

Risk functions: keeping pace with Data Analytics

Jean Rea, Director in KPMG Ireland's Actuarial Services practice, recently presented at the Society of Actuaries annual Risk Management Perspectives Conference on the area of Data Analytics. Jean presented on the topic of “Risk functions: keeping pace with Data Analytics”. Her session covered data, big data and data analytics and provided insights into emerging trends across these areas as well as discussing issues that risk functions should be taking into consideration in their risk assessments and risk monitoring activities. Click here to view the presentation (PDF, 816KB).

Central Bank of Ireland Update

Key messages for industry on cyber risks

On 13 September, Sylvia Cronin, Director of Insurance Supervision at the Central Bank of Ireland (“CBI”) spoke about cyber risks at the Insurance Supervision Agency of Slovenia. In her speech, she acknowledged that “addressing the complexities and risks of ageing IT infrastructure, whilst trying to meet increasing customer demand for digital delivery” is becoming a key challenge for insurers. The Director suggests that cybersecurity risks should be seen not only as an operational risk but also as an organisational risk; discusses some of the challenges for cyber insurance; and provides an overview of how the CBI supervises insurers offering cyber insurance.

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The Insurance Quarterly – September 2018

The CBI published the September 2018 issue of its Insurance Quarterly Newsletter. The CBI maintains its focus on cyber risks management and cyber insurance; the Newsletter also talks about the changes to the Solvency II reporting regulations and XBRL taxonomy and the results of the CBI’s IFRS17 Readiness Questionnaire.

Read Insurance Quarterly (PDF, 1.2MB)

EIOPA update

ESAs express their concern on the risks of providing investors with PRIIPSs KIDs and UCITs KIIDs from 1 January 2020

In a letter to the European Commission on 1 October 2018, the Joint Committee of the European Supervisory Authorities (ESAs), explained the potential risks of providing retail investors with duplicate information in two different documents: PRIIPSs KIDs and UCITs KIIDs. The ESAs advised that a Consultation Paper would be issued in Q4 2018 to gather feedback on proposed amendments to the PRIIPs Regulations with a view to submit them to the European Commission in Q1 2019.

Read the letter to the European Commission (PDF, 444KB)

Introductory Statement by EIOPA at the Annual Hearing of the European Parliament’s Economic and Monetary Affairs Committee

On 8 October EIOPA’s Chairman, Gabriel Bernardino, gave an overview of EIOPA’s activities and achievements during the last year. EIOPA’s Chairman also called for the EIOPA Regulation to be “strengthened” to enable it to perform independent evaluations of national supervisory practices and act more intrusively when it identifies emerging cross-border risks; the Chairman also proposed the publication of individual stress test results to improve transparency.

Read the Introductory Statement (PDF, 107KB)

Public Forum

Early in October EIOPA made public the details of a public forum on cyber security risk and on the cyber insurance market. The forum, which will be held on 10 November 2018 in Luxembourg, will be hosted by the Steering Committee of the EU-U.S. Insurance Project. Representatives from the European Commission, EIOPA, the Federal Insurance Office of the U.S. Department of the Treasury (FIO) and the National Association of Insurance Commissioners (NAIC), will lead the forum. Other EU and US authorities will also participate in this event, including the Commissioner of the Connecticut Insurance Department and the Chief Financial Examiner of the Nebraska Department of Insurance.

Read more about the Public Forum (PDF, 825KB)

Discussion Paper on Resolution Funding and National Insurance Guarantee Schemes

The deadline to submit comments to EIOPA on its July 2018 Discussion Paper on Resolution Funding and National Insurance Guarantee Schemes is 26 October 2018. The Discussion Paper, the template for comments’ as well as the ‘Opinion to institution of the European Union on the harmonisation of recovery and resolution framework for (re)insurers across the Member States’ can be found by clicking on the link below.

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Brexit Update

As part of its measures to ensure the continuity of financial services legislation post-Brexit, the Treasury is proposing to introduce a temporary transitional power to be exercised by the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This would enable these regulators to waive or modify (for a limited period) firms’ regulatory obligations that have changed as a result of the ‘onshoring’ of the post-Brexit financial services legislation, in the event of a ‘no deal’ Brexit on 29 March 2019.

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Transition to IFRS 17

Every month KPMG Ireland’s IFRS team is producing an update on the progress of the industry to date on the implementation of the new insurance accounting standard.

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