Financial Services Industry Newsletter - nr.2November 2011 |
The second number of Deloitte’s FSI Newsletter brings You an overview of the latest news in the banking and insurance industries, with a special focus on technological trends in the insurance business and the importance of their accurate interpretation and of the data quality itself.
An overview of global trends in the Financial Services Industry, the significant regulatory changes and their critical impact on business, along with a wide spectrum of new accounting standards, are the specific areas of focus.
| Key challenges facing central banks | ||
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There is a common feature shared by central banks globally, and this is their self-perception of being the last resort for commercial banks in times of crisis. Some of the biggest challenges to central banks include managing reputational risk, establishing a proper balance between transparency and confidentiality, as well as setting up an adequate risk management system and compliance function. The research Key challenges facing central banks offers possible ways of looking at how central banks respond to those challenges. More |
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| Insurance tech trends | ||
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Deloitte’s research Insurance tech trends brings an insight into the top ten technological trends in the insurance industry expected to have a significant impact on the insurance business over the next 12 to 18 months. The trends may be divided into two categories: the first includes those with a potential significant impact on the insurance business by offering new business models or transformative ways to operate. The second category comprises the already known trends which are becoming increasingly important these days because of the new technological and business environment factors. More | Top |
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| Data analysis for insurers | ||
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A meaningful interpretation of data and information held by insurers is a good way of building competitive advantage. Deloitte’s team has helped many clients to avail themselves of the existing data and make important business decisions on the basis of those data. Deloitte’s study Data analysis for insurers presents examples of such engagements in the Chinese insurance industry which insurance companies globally could find useful. More | Top |
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| Solvency II | ||
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According to Deloitte’s expectations, the overall investment of insurances into the implementation of Solvency II will reach around EUR 4 billion. The process itself has imposed many other requirements to insurers, mainly in terms of adjusting their business models. The EU Council, having recognized the complexity of the entire process, proposed this May to postpone the implementation of the new system for a year. More | Top |
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| International Financial Reporting Standard (IFRS) 4 | ||
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Following the changes in the leadership of the International Accounting Standards Board, drafts of a number of Standards went under review, making the dates of adoption of their final versions uncertain. The issuance of IFRS 4 has been postponed until the end of 2012. Early 2011 gave first signs of the postponement because the key two global accounting standard boards propose different solutions to some of the key elements of the new global standard. Despite a mild progress, the issues regarding the development of accounting models for the recognition of insurance liabilities have remained unresolved. More | Top |
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