• Industry: Financial Services
  • Type: Business and industry issue
  • Date: 9/27/2011

The New World for Insurance: Business perspectives on Phase II 

KPMG International’s newest thought leadership for insurance, The New World for Insurance: Business perspectives on Phase II, is based on discussions with key global insurance companies about the business issues for the insurance industry in transitioning to Phase II of the effort to move to a global insurance accounting standard. Phase II began with issuance of the latest IASB Exposure Draft and FASB Discussion Paper which were the products of joint deliberations by the Boards. All insurers are likely to be affected, whether they are transitioning to IFRS for the first time, adopting a new IFRS insurance standard, or potentially adopting revisions to US GAAP.
Nineteen leading global insurance companies with headquarters in eleven countries provided their views about the potential business effects of Phase II. This publication highlights the implications for how insurers manage their businesses, causing a re-think of issues as varied as product design, data requirements, communications with analysts and shareholders, systems, controls and tax.