Lessons from change: the insurance industry | Solvency II: Reading the tea leaves under a glass ceiling – Disclosing financial strength Insurers need to consider that reporting will be more focused on future events, which necessitates bridging quantitative information with management’s plans and expectations – in effect, more of the planning and control cycle will be visible. In this paper, we examine disclosure, market discipline and the potential implications (pdf, 1.1mb) for processes, governance and information requirements. Furthermore, we compare Pillar 3 requirements and financial reporting under International Financial Reporting Standards (IFRS). Solvency II: Unlocking the mystery of the risk framework around ORSA In this article, we continue our discussion around risk management, testing the impact of ORSA (pdf, 615.3kb) , the guidance to date, where companies currently stand and the key issues and challenges they face. Insurance accounting alert In October, the IASB and the FASB agreed to increase joint discussions on convergence projects. As a consequence, a revised insurance project timetable is being presented at this month's meeting, with a new Exposure Draft expected in April 2010. At the November meeting the IASB will also consider the recognition of rights and obligations arising from insurance contracts and will examine accounting for policyholder participation features. Read the November issue (pdf, 97.8kb). D&O viewpoint: Moving past the current turbulence While the D&O market is rightly focused on the fallout from the financial crisis, forward-looking carriers are applying lessons from the recent past and taking systematic action to prepare for the next market evolution (pdf, 123.2kb). Is government intervention good for banking? Innovation is the lifeblood of financial services. Yet some question whether the government’s growing involvement hinders the industry’s creativity. The new issue of CrossCurrents looks at government participation in the recent economic crisis . And we report on how companies in asset management, banking and insurance navigate the changing market landscape. Solvency II: Putting risk and governance at the heart of business The adoption of the Solvency II framework directive by the European Union’s Economic and Financial Affairs Council on 5 May brings the proposed economic, risk-based capital regulatory regime one step closer to reality. Significant challenges lie ahead for insurers in developing the proper framework to support their businesses within the implementation timeline. In this paper, we examine the importance of Pillar 2 and its implications (pdf, 148.8kb). 2009 insurance industry outlooks In a continually evolving economic climate, there is a greater need for insurance companies to work strategically to achieve their growth objectives. Ernst & Young discusses the key issues facing the insurance industry this year in these reports. |
| |
/$FILE/12L00003.jpg)