IFRS 17

Global Insurance Industry Report 2022: Increased Demand for Guaranteed Return Products and Term Insurance - ResearchAndMarkets.com

Retrieved on: 
Tuesday, November 1, 2022
Insurance, Professional Services, Awareness, Growth, International, Fortis Healthcare, Acquisition, Policy, P&C, IFRS 17, Industry, Risk, COVID-19, Prudential plc, Rand, Technology, IFRS, Building material, State Farm, Insurance, Industrial market segmentation, Risk management, Health insurance

The "Global Insurance Industry Market" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Global Insurance Industry Market" report has been added to ResearchAndMarkets.com's offering.
  • This report further analyzes the market based on insurance type, providing an analysis of life and non-life insurance.
  • In addition, the report also analyzes the distribution channels for the insurance industry.
  • Increasing awareness of the benefits offered by insurance is a key driving force for the insurance industry.

PVI drives IFRS 17 compliance in mere weeks with express solution from SAS and KPMG

Retrieved on: 
Monday, October 24, 2022
Pressure, Risk management, News, International, Insurance, POWER, IFRS, KPMG, IFRS 17, Intelligence, LHS, Advisory, SAS Institute Inc v World Programming Ltd, Senior, Technology, Automation, IFRS17, Industry, Express, Contract, ORRF Risk Research Forum, Tick, PVI, The Smart Woman Survival Guide, Name, Compliance, SAS, Renewable energy, Satellite navigation device, Accounting

CARY, N.C., Oct. 24, 2022 /PRNewswire/ -- Insurers worldwide are under intensifying time pressure to implement International Financial Reporting Standard 17 (IFRS 17) Insurance Contracts. Facing its own January 2023 compliance deadline for group reporting, Hanoi-based PVI – majority owned by German insurance giant HDI Global – has deployed a fast-track IFRS 17 solution, KPMG IFRS 17 Express – powered by SAS®.

Key Points: 
  • Facing its own January 2023 compliance deadline for group reporting, Hanoi-based PVI majority owned by German insurance giant HDI Global has deployed a fast-track IFRS 17 solution , KPMG IFRS 17 Express powered by SAS.
  • For PVI, technological and methodological security, as well as the rapid implementation timeline, were decisive factors in choosing KPMG IFRS Express powered by SAS.
  • Working in concert, KPMG and SAS remain engaged with PVI, helping orient its teams and familiarize them with the robust, preconfigured IFRS 17 compliance engine.
  • "With KPMG IFRS 17 Express powered by SAS, we achieved the onboarding of a robust and traceable calculation engine and subledger for IFRS 17, with capabilities for ongoing tuning, in less than 12 weeks."

AM Best’s Annual European Insurance Market Briefing to Examine State of Industry Amid Rising Uncertainties; Lloyds CFO to Deliver Keynote

Retrieved on: 
Monday, September 26, 2022
Insurance, Professional Services, IFRS, ESG, Risk, AON, Credit, News, IFRS 17, Industry, AM Best, AM, EMEA, Insurance, ALL, GMT, Risk management

Burkhard Keese, chief financial officer and chief operating officer of Lloyds, will deliver the keynote presentation.

Key Points: 
  • Burkhard Keese, chief financial officer and chief operating officer of Lloyds, will deliver the keynote presentation.
  • Presentations on the state of the global reinsurance industry and AM Bests Credit Rating activity and outlooks for the EMEA region are scheduled as well.
  • Registration for the Insurance Market Briefing begins at 8:30 a.m. GMT, with sessions beginning at 9:00 a.m. A networking lunch will follow the first market briefing.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

WNS and ARM Join Forces to Offer End-to-End Actuarial Services

Retrieved on: 
Thursday, September 22, 2022
Finance, Consulting, Business, Professional Services, Insurance, IFRS, Property, Efficiency, NYSE, BPM, Holding, Private Securities Litigation Reform Act, IFRS 17, Partnership, Industry, Cyprus Securities and Exchange Commission, Risk, Securities & Exchange Commission of Pakistan, Automation, United Kingdom, Technology, BDO, Solution, Life, Architecture, Accounting, Insurance, ARM, Business process management, Research, Security (finance), Multimedia, Risk management, WNS

WNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) solutions, today announced its partnership with Actuarial Risk Management, Ltd. (ARM), a U.S.-based consultancy specializing in comprehensive actuarial and modeling services.

Key Points: 
  • WNS (Holdings) Limited (NYSE: WNS), a leading provider of global Business Process Management (BPM) solutions, today announced its partnership with Actuarial Risk Management, Ltd. (ARM), a U.S.-based consultancy specializing in comprehensive actuarial and modeling services.
  • As a part of this partnership, ARM will offer its clients WNS offshore-centric actuarial services and end-to-end insurance capabilities including front, middle, and back-office solutions.
  • View the full release here: https://www.businesswire.com/news/home/20220921006058/en/
    We are excited to join forces with ARM.
  • A well-positioned global provider of actuarial services, Actuarial Risk Management (ARM) uses an innovative strategy to provide the strategic advisory services delivered by its global staff of more than 250 credentialed actuaries.

PVI drives IFRS 17 compliance in mere weeks with express solution from SAS and KPMG

Retrieved on: 
Friday, September 9, 2022
Technology, SAS Institute Inc v World Programming Ltd, SAS, Insurance, Allianz, Pressure, IFRS, Express, Senior, KPMG, Intelligence, CET, IFRS 17, Risk management, International, Compliance, Contract, POWER, Name, IFRS17, Tick, Automation, ORRF Risk Research Forum, PVI, Advisory, Renewable energy, Satellite navigation device, Accounting

CARY, N.C., Sept. 9, 2022 /PRNewswire/ -- Insurers worldwide are under intensifying time pressure to implement International Financial Reporting Standard 17 (IFRS 17) Insurance Contracts. Facing its own January 2023 compliance deadline for group reporting, Hanoi-based PVI – majority owned by German insurance giant HDI Global – has deployed a fast-track IFRS 17 solution, KPMG IFRS 17 Express – powered by SAS®.

Key Points: 
  • Facing its own January 2023 compliance deadline for group reporting, Hanoi-based PVI majority owned by German insurance giant HDI Global has deployed a fast-track IFRS 17 solution , KPMG IFRS 17 Express powered by SAS.
  • For PVI, technological and methodological security, as well as the rapid implementation timeline, were decisive factors in choosing KPMG IFRS Express powered by SAS.
  • Working in concert, KPMG and SAS remain engaged with PVI, helping orient its teams and familiarize them with the robust, preconfigured IFRS 17 compliance engine.
  • "With KPMG IFRS 17 Express powered by SAS, we achieved the onboarding of a robust and traceable calculation engine and subledger for IFRS 17, with capabilities for ongoing tuning, in less than 12 weeks."

Best’s Market Segment Report: Canada Insurers See Favorable 2021 Results Despite COVID-19; Inflation Could Dent Future Performance

Retrieved on: 
Wednesday, September 7, 2022
Insurance, Professional Services, Mortality, Insurance, IFRS, CAD, ALL, AM, IFRS 17, News, AM Best, Industry, Mission statement, Income, Risk management

Given a number of positive market forces, plus strong levels of capitalization among Canadian insurers, AM Best is maintaining its stable market segment outlook on Canadas property/casualty (P/C) and life/annuity (L/A) industries.

Key Points: 
  • Given a number of positive market forces, plus strong levels of capitalization among Canadian insurers, AM Best is maintaining its stable market segment outlook on Canadas property/casualty (P/C) and life/annuity (L/A) industries.
  • However, in its new Bests Market Segment Report, titled, Canada Insurance: Favorable Results in 2021 Despite Pandemic, AM Best notes the Canadian economy will face some headwinds in 2022, including higher inflation and the spillover impacts of Russias invasion of Ukraine.
  • The higher level of inflation, along with a rising frequency of catastrophic losses, supply chain imbalances and labor shortages, could pressure P/C insurers operating returns.
  • For L/A writers, inflation may result in higher operating costs; in particular, wage inflation, which would exacerbate the talent gap.

Half-year 2022 results - The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCOR’s profitability in H1 2022

Retrieved on: 
Thursday, July 28, 2022
Investment, Environment, Fear, Awareness, COVID-19, Insurance, PML4, Life, Climate change, Drought, Industry, Natural Resources, Solvency, EUR, Culture, Cornerstone, Property, Health, National Organization of Life and Health Insurance Guaranty Associations, OCI, IFRS 17, Income, Climate, Risk, Adoption, IFRS, IFRS 9, GWP, MSCI, Flood, P&C, OBS, SCOR, Assault, Positive economics, Broadridge Financial Solutions, Projection, ESG, ECL, Growth, L&H, Longevity, Risk management, Film, Reinsurance, Renewable energy, Pharmaceutical industry, Life insurance, Group

The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCORs profitability in H1 2022.

Key Points: 
  • The combination of the war in Ukraine, Natural Catastrophe events and the severe drought in Brazil affect SCORs profitability in H1 2022.
  • The combination of these events has significantly affected SCORs results, leading to a net loss of
    EUR -239 million for the first half of 2022, of which EUR -159 million was incurred in the second quarter.
  • The reduced profitability notably reflects the cost of the claims related to the drought that impacted corn and soy crops in southern regions of Brazil.
  • SCOR is currently adopting a more selective approach in Reinsurance P&C Lines, however the H1 2022 GWP growth is still benefitting from recent underwriting years.

AM Best Affirms Credit Ratings of DB Insurance Co., Limited

Retrieved on: 
Thursday, July 14, 2022
Insurance, Professional Services, ALL, Income, Movement, Sale, Communication, IFRS, Leadership, DBI, News, Risk management, Environment, AM, IFRS 17, Insurance, Credit, COVID-19, DB, AM Best, Industry, Limited

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a+ (Excellent) of DB Insurance Co., Limited (DBI) (South Korea).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of a+ (Excellent) of DB Insurance Co., Limited (DBI) (South Korea).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • For information on the proper use of Bests Credit Ratings, Bests Performance Assessments, Bests Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Bests Ratings & Assessments .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

AM Best to Present Canada Insurance Market Analysis, Highlight Best’s Performance Assessments at Annual Briefing in Toronto

Retrieved on: 
Wednesday, July 13, 2022
Insurance, Professional Services, ALL, EDT, IFRS, News, AM, IFRS 17, Sheraton Centre Toronto Hotel, CEO, Insurance, AM Best, Best, Delegate, Industry, Partnership, Music

AM Best will host an insurance market briefing on the state of Canadas insurance industry at the Sheraton Centre Toronto on Friday, Sept. 9, 2022.

Key Points: 
  • AM Best will host an insurance market briefing on the state of Canadas insurance industry at the Sheraton Centre Toronto on Friday, Sept. 9, 2022.
  • During the half-day event, AM Best analysts will deliver market insights and present overviews of Canadas main insurance sectors.
  • Analysts also will explore emerging issues for carriers and hot topics at this complimentary annual event.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Best's Market Segment Report: Motivated Sellers and Active Buyers Fuel Buoyant Market for Non-Life Run-Off Reserves

Retrieved on: 
Wednesday, June 8, 2022
Insurance, Professional Services, Risk management, Industry, AM Best, IFRS, News, IFRS 17, Insurance, ALL, Adoption, Bank

According to a new Bests Market Segment Report, titled, Motivated Sellers and Active Buyers Fuel Buoyant Market for Non-Life Run-Off Reserves, (re)insurers are increasingly using the legacy insurance segment as part of their capital and risk management strategies, often for long-tailed insurance liabilities.

Key Points: 
  • According to a new Bests Market Segment Report, titled, Motivated Sellers and Active Buyers Fuel Buoyant Market for Non-Life Run-Off Reserves, (re)insurers are increasingly using the legacy insurance segment as part of their capital and risk management strategies, often for long-tailed insurance liabilities.
  • The report identifies a variety of motivations for insurers to sell books of business and points to an influx of capital into the segment in recent periods, along with new market entrants, which together are driving high levels of activity in the legacy insurance market.
  • The legacy segment also faces challenges in the form of reserving uncertainties driven by inflationary trends, a shifting regulatory landscape and impacts arising from the adoption of IFRS 17.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.