Magazine Table of Contents
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Profit is usually the sole purpose of investment. However, should investment instead be ethical and socially responsible? Should insurance companies, especially public sector companies, keep away from investing in tobacco companies, even at the cost of substantial profits?
RegTech has become one of the key areas to watch in 2017. This trend will continue in the months ahead, especially as insurers continue to discover its benefits, says Mr Henri Arslanian from PwC who highlights the five things you need to know about this trend.
PwC brings you a roundup of key regulatory activities around the region in the recent few months.
On 18 May 2017, the International Accounting Standards Board (IASB) issued IFRS 17: Insurance Contracts, a long awaited standard for insurers. Mr Raj Juta from Deloitte gives an in-depth view of this new insurance contracts standard which will be applicable for annual reporting periods beginning on or after 1 January 2021.
The issuance of IFRS 17 by the International Accounting Standard Board (IASB) recently was the most significant change to insurance accounting requirements in 20 years. Ms Woo Shea Leen and Ms Ang Sock Sun, both from PwC Singapore, share how insurers can gear up for this paradigm shift in reporting standard.
The South Korean financial regulator (FSS) has recently introduced new solvency regulations, due to take hold in 2021. In a world first, it is basing these regulations on a new international accounting standard IFRS 17. Mr Sung Lim Suh of Aon Benfield discusses how actuarial modelling software is being used to help insurers in South Korea comply with the new Standard.
Spotlight on CFO
Speakers at the 11th Asian Insurance CFO Summit highlighted the rapidly-expanding scope of insurance CFOs’ and finance teams in the last few years, especially in the light of the IFRS 17 finalised in May 2017.
Actuarial profession in South Asia
As a curtain raiser to the South Asian Actuarial Conference which will be held in Sri Lanka in July, we speak to a few actuaries from South Asia to understand the ground realities in their markets.
Although bancassurance remains a compelling proposition for both insurers and banks, it is not cushioned from the impact of disruptive technology that is buffeting the industry. Here are key takeaways from the 18th Asia Conference on Bancassurance & Alternative Distribution Channels.
Cyber risks, and their accompanying costs, are something that many organisations still struggle to fully come to terms with. Mr Kegan Chan of Marsh warns that software and hardware replacement costs are merely the tip of the proverbial iceberg.
Messrs Sean M Keyvan and Greg Oguss of Sidley Austin LLP look at the general US insurance regulatory framework and specific rules and requirements that apply to Chinese investors making US acquisitions.
Claims Management and Insurance Fraud
Experts at the Asia Conference on Claims Management and Insurance Fraud spoke about integrating technology into the claims handling and fraud detection process, the legal intricacies involved in proving fraud and getting the customer involved in the claims process.
IT in Insurance
Mr Daniel Angelucci of DXC Technology explains the two trends that will shape insurance technology and insurance companies for the next few years.