Insurance

Today's challenges

20 results

27/11/24

IFRS 17 Post-implementation and Finance Transformation survey

PwC Malta carried out a survey of the Maltese Insurance market during September 2024. We asked respondents 26 questions and are pleased to share some of the insights gathered.

04/11/24

The tax implications arising as a result of IFRS17

The new accounting standard IFRS17 'Insurance Contracts', effective from 1 January 2023, has led to significant changes in the recognition, measurement, presentation, and disclosure of insurance contracts, potentially resulting in transitional gains or losses for insurance entities. To support the industry, the Malta...

06/08/24

ESG trends in the insurance sector – A 2050 perspective

Climate change and socioeconomic trends will transform the insurance sector by 2050. Key changes include shifts in global population dynamics, transportation systems, and increased reliance on IT and digital systems. These factors will reshape insurance products, risk management, and market opportunities, especially in...

21/06/24

A first look at the full set of IFRS 17 FY23 disclosures

The IFRS 17 standard is now fully implemented, with many insurance companies reporting under it for 2023. This report analyses FY23 financial statements, comparing disclosures from 10 major UK life insurers and 18 general insurers. It highlights emerging trends, divergent approaches, and key metrics like adjusted...

01/04/24

Addressing IFRS 17 challenges

Implementing IFRS 17 introduces complexity and manual tasks, affecting finance and actuarial functions. Challenges include data management, control frameworks, and employee training. Addressing these, companies should review post-FY23 reporting, enhance data integrity, assess controls, and evaluate technological...

11/03/24

Amendments to the Solvency II Directive

A provisional agreement on Solvency II updates, aiming for early 2026 implementation, includes reducing risk margin costs to 4.75%. Amendments also cover Solvency Capital Requirements calculation changes and Pillar 2 governance and risk management enhancements, notably cybersecurity and ESG inclusion. Reporting...

13/02/24

Disclosure reminders for the first annual financial statements applying IFRS 17

In the development of the Exposure Draft and during the subsequent re-deliberation process, a number of fundamental issues were debated at length as the views of the IASB and FASB differed. PwC attended various board meetings and the notes produced describe the areas of debate and differing perspectives.

13/11/23

Insurance Banana Skins 2023

The last edition of the Insurance Banana Skins focussed on the impact of Covid-19, with top risks being amplified by the pandemic, but showing the industry being incredibly resilient. Fast forward two years and the risks associated with the pandemic are far less of a worry. Whilst the top risks are broadly similar to...

21/08/23

Preparing for IFRS 17 market reporting

Insurance companies are adapting to reporting under IFRS 17, particularly in terms of key performance indicators (KPIs). Challenges arise from inconsistencies in KPI calculation methods, notably in the valuation of new business and treatment of reinsurance, losses, and expenses. Year-end 2023 marks the full disclosure...

10/07/23

Next in insurance 2023

Insurers are facing a loss of stability due to short-term crises and long-term trends. The STEEP factors (social, technological, economic, environmental, and political) are increasingly impacting the industry, resulting in a fragmented world with escalating risks. To address these challenges, insurance carriers must...

29/05/23

PwC’s Third Global Actuarial Modernisation Survey

PwC, through our deep industry-wide expertise and our strong global network, supports actuarial modernisation journeys across the market. The importance of achieving successful actuarial modernisation has never been more important, and after surveys in 2018 and 2020, our third global actuarial modernisation survey is...

25/05/23

Release of IFRS 17 Illustrative Financial statements - 2023

15/03/23

In transition - The latest on IFRS 17 implementation - March 2023

On 14 March 2023, the IFRS Interpretations Committee (IFRS IC) considered the accounting for premiums receivable from an intermediary. The issue is whether an insurer should remove the premiums receivable from the measurement of a group of insurance contracts under IFRS 17, and instead recognise a separate financial...

05/10/22

How insurtechs can ease growing pains

Since the sectors inception approximately a decade ago, there are now thousands of insurtechs worldwide. Many of which are maturing into larger businesses with increasingly complex strategic and operational concerns. As they’re entering often literally new territory, they’re encountering growing pains in:

23/06/22

Global IFRS 17 Network

The IFRS Interpretations Committee agrees to finalise its agenda decision on the transfer of insurance coverage under a group on annuity contracts and to issue a tentative agenda decision on multi-currency groups of insurance contracts

12/04/22

InsurTechs

Some of the most interesting work in technology is taking place in insurance. Recently, legacy insurers have started paying much more attention to newcomers, recognising that teaming up with technology firms can be a game-changer.

28/03/22

MFSA 2022 Supervision Priorities

The annual publication of the MFSA’s ‘Supervision Priorities’ document is always a good source, providing (re)insurance undertakings and intermediaries with an opportunity to better understand the areas to focus on and dedicate resources.