Insurance market update - June 2010
The Deloitte view for life insurers
With a new insurance accounting standard and a new capital requirement regime for insurers set to come into force in just over two years, our focus in this June edition of the Insurance Market Update is on the effect that these changes will have on insurer’s processes, IT systems and internal controls.
Our first article looks at the changing risk and financial reporting environment with regard to Solvency II and IFRS 4 Phase II. We outline the certainties and similarities of the two regimes and consider the synergies which can be achieved by addressing the requirements in a co-ordinated manner.
Our second article looks at the impact that the upcoming changes in risk and financial reporting will have on the IT systems used by insurance companies. As the IT environment evolves, we look at the next generation of IT solutions that will enable faster and richer reporting environments to service the increasing complex calculation demands being place on insurers.
For further information, download our publication Insurance Market Update - Life insurers (PDF, 196 KB).