The insurance sector is a changing regulatory landscape due to customer expectation, digital evolution, changes to risk management practices and global market integration, it has become critical that insurers keep abreast of the latest trends and changes. This is specifically true in a South African environment where the industry has experienced recent natural disasters, severe political and economic uncertainty as well as the introduction of the new Insurance Act and IFRS 17 Insurance Contracts. With the promulgation of the Financial Sector Regulation Act in August 2017, the Twin Peaks approach to regulation has resulted in increased scrutiny by the Prudential Authority (PA – one leg of the Twin Peaks approach) over insurers.
Our teams understand this and can provide in addition to assurance, proactive advice and business services. Our service offerings, locally and global, are ideally placed to assist and integrate with insurers to understand the industry and to navigate the latest financial, operational and regulatory risk. Our insurance credentials include life and linked life, short-term, casualty and cell-captives.
A critical component to deliver high quality, relevant and cutting edge service in this industry, is a properly skilled and experienced actuarial team. BDO and its business partners can provide this service to our clients, especially when it comes to the implementation or evaluation of IFRS17.
Our services include the following:
- External audit & financial reporting
- Actuarial services
- Regulatory compliance
- Technology assurance and advisory
- Internal audit