RETHINK — The Insurance Sector
09 December 2020
The insurance industry is undergoing major changes that will significantly impact calculations and their representation in financial statements. These include Solvency II legislation, IFRS 17 and IFRS 9, to name a few.
We can assist our clients in implementing IFRS 9 and IFRS 17, thanks to our expertise in the field and to participation in national and international working groups on the standards.
The COVID-19 outbreak affects insurers both directly, through underwriting shocks including increases in mortality and morbidity, and indirectly, via market issues including lower equity prices, higher credit spreads, widespread downgrades, and low interest rates. Insurers are responding to the COVID-19 crisis on multiple fronts — from employee and business continuity issues to client service considerations to the overall economic outlook.
Have a look into our global insurance outlook: