The insurance sector is witnessing rapid change. The biggest challenge facing the industry is to manage the uncertainty and risk that accompanies this disruption. Technological change, a shifting regulatory landscape and an uncertain economic backdrop are all changing consumers expectations. At Forvis Mazars, we provide insurers with audit, tax and advisory solutions that help turn these challenges into a prosperous future.
Insurance companies face multiple factors that are changing the dynamics of the industry and making it a more complex sector in which to operate. Technological transformation, tighter regulations, and political and economic upheaval all must be navigated carefully, all the while managing the shift in consumer expectations and behaviours.
Here at Forvis Mazars, we have a long track record in the insurance market and our credentials give us a wide view of the disruption in the insurance industry. We offer you a full range of solutions to serve auditing and business advisory needs. Our business model combines international scope with the service levels you would expect from an individual business partner to provide tailored services, whether to brokers and intermediaries, life and general and corporate insurers, or to those businesses within the reinsurance market.
We work with and are trusted by global insurance players, regional and local insurers, as well as regulators and supervisory authorities. When you partner with us, you will always have a single point of contact who will provide you with the best of what Forvis Mazars can offer, pulling together the right specialists and solutions from across the business to suit your strategy and objectives.
Our team comprises experts in insurance who have the global, regional, local and regulatory knowledge and technical expertise to deliver client service excellence seamlessly. We work on a single integrated service platform to bring together our multi-disciplinary team across a range of specialisms. The actuarial dimension is fully embedded in our teams so that we are particularly efficient to support you in facing the regulatory challenges of the Industry.
As the role of reinsurance is continuously expanding, Mazars has analysed the latest financial disclosures of the top 10 reinsurers worldwide providing a comparative view for a better understanding of their risk profile and strategy.
The new standard IFRS 9 on financial instruments has been effective starting 1st January 2018 for most entities but insurance groups have the possibility to defer its application to 2021, the year when the new standard IFRS 17 on insurance contracts will enter into force.
Amid a global pandemic and a rising threat of climate change, today’s society expects financial organisations to uphold strong environmental and societal values. Given their critical role in the growth of the economy and citizens’ lives, insurers face close scrutiny.
When taking environmental, social, and long-term asset portfolio issues into consideration, insurance companies must assess the specific risks they face. As a result, the associated obligations of transparency mean that the entities concerned must adapt their risk management policies.
There is little doubt that covid-19 has had a significant impact on insurers, but there were already factors in play that were adding pressure on the insurance industry. What covid-19 has done is to create new challenges, as well as bringing existing challenges to the foreground. Looking ahead, the actions insurers take now to deal with these challenges will play a role in shaping a ‘new’ insurance...
Looking for insights on key financial services' topics today? Forvis Mazars' financial services experts help you think outside the box.
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