Our Actuarial & Insurance Solutions (AIS) team are pleased to present you with our final industry update for 2021.
In this update, we highlight the the FSCA’s published proposed changes to the Policyholder Protection Rules (PPRs) on both the Long Term and Short Term Insurance Acts. Comments to these proposed changes closed during September 2021 and the Authority is currently considering all submissions received to make the necessary changes to the PPRs. It is expected that the final changes to the PPRs will only be published in 2022 and that these amendments may lead to more transparency on products and procedures.
We also share insights on Liquidity risk that has receivied significantly increased attention internationally and in South Africa as the regulator elevates supervisory focus for the industry.
Furthermore, we discuss the release of our latest Global insurance industry outlook where over 400 senior insurance executives were surveyed, highlighting some interesting findings, from flexible work models and sustainability to digital capabilities and how insurers can balance technology with human touch.
Our update further includes a number of curent hot topics including the Prudential Authority’s Climate Risk Survey Report and IFRS 17 Survey results as well as comments on the Non-Life Insurance Industry Experience Feedback issued by the PA.