Our insurance teams contain professionals with substantial hands-on experience and knowledge gained from helping a broad range of clients address their issues and challenges. Additionally, the insurance teams maintain a regular dialogue with regulators and industry bodies to understand the issues of the future and how the insurance landscape is evolving.
Growth: Insurers are expanding into emerging markets such as Central and Eastern Europe, Russia and India, which are generally underinsured but increasingly affluent. In mature markets, demographic changes are driving new product development as insurance companies adjust to the changing needs of their core domestic client base. Takaful Insurance is opening up an exciting Islamic market.
Performance: Many of the larger groups are complex, diverse entities that have been very successful in mergers and acquisitions and in growing their product sets and geographic scope. The challenge now is to maximise benefits from these developments and achieve a sustainable and rewarding return on capital through such initiatives as improving operational efficiency, restructuring and cost savings.
Governance: Insurance companies face challenges to improve the quality of their risk management, underwriting discipline and risk pricing. In many cases improvements are still required in the basic documentation and reporting of risk. This is a growing challenge as the evolving industry standards of IFRS Phase II and Solvency II place new demands on insurers for increased control and transparency.
We would welcome the opportunity to discuss how ELLP firms can help you achieve your business objectives. To discuss how we can work together, please contact us.
For more information on country-specific services, visit the websites of the ELLP firms.
* Excluding the Belgian audit practice