2010 has seen significant investor focus on the insurance sector in the Asia Pacific region as it has become one of the main engines driving expansion of the insurance sector globally. The theme of our publication is the journey 'From Compliance to Communication' and focuses on how senior executives can use financial reporting to go beyond merely meeting the requirements of the reporting standards and communicate value creation and financial strength to shareholder, analysts and other stakeholders.
Our report highlights how insurers in China and Asia Pacific have adapted their reporting during the global financial crisis to focus on topical areas such as asset quality and capital strength and solvency, and present information on performance and prospects "through the eyes of management", helping to align the internal and external views.
The global insurance industry is also embarking on a programme of fundamental reform in financial reporting, encompassing both new financial reporting standards for financial instruments and the publication of the IASB Exposure Draft on accounting for insurance contracts. How insurers in the Asia Pacific region respond to these challenges will help to shape the future of financial reporting for the whole of the insurance industry.
As we enter the 2010 reporting season, KPMG's Asia Pacific Insurance Reporting publication is a resource for senior executives to use to help shape their reporting agenda and help them move their reporting 'From Compliance to Communication'.