Perspectives on the key regulatory trends and developments impacting the insurance industry at an international, regional and country level.
Perspectives on key regulatory trends and developments impacting insurance
Our annual report, Evolving Insurance Regulation has evolved! Now in our 6th year, we are introducing ‘risk’ to the publication title reflecting the significant impact that regulatory regimes are having, and will continue to have, on risk disciplines within insurers. In addition, this year’s report will be published as a series of chapters starting with an overview of the latest international developments and a chapter on conduct risk. New chapters will be published monthly between June and November.
The first chapter, International developments dominate regulatory change, sets the tone for the major regulatory themes happening globally including the international core principles (ICPs), Comframe for internationally active insurance groups (IAIGs) and impacts on global systemically important insurers (G-SIIs). The insights are based on discussion with our member firms’ clients, our professionals’ assessment of key regulatory developments and through our links with policy bodies in each region. The second chapter, Conduct risk: Increasing regulatory focus to align product, customer offers insights on industry developments by region with commentary on how regulators are driving change to align products and customers. The third chapter in the series focuses on regional developments in more than 40 countries around the world including the regulatory trends in each country based on ICP compliance, prudential developments, and conduct of business and consumer protection.
Upcoming chapters include updates on IFRS and the forthcoming insurance contracts standard, which will have profound impacts on the industry over the next several years, followed by chapters on emerging risks and tax.
If you would like to receive an alert as new chapters become available please contact your local KPMG office.
Regulators urge insurers to build deeper risk cultures to drive the right risk behaviors.