The insurance industry is going through fundamental changes due to customer expectation, digital evolution, changes to risk management practices and global market integration. In addition, significant changes to financial reporting (e.g. IFRS 17), past and current changes to regulatory reporting and supervision (e.g. Solvency II), the use and impact of technology on the way insurers operate and as well as the impact of climate change and natural disasters are all contributing to the changing regulatory landscape.

It is critical that insurers keep abreast of these trends and changes, particularly in the South African environment where the industry has experienced severe political and economic uncertainty, as well as the introduction of the new Insurance Act.

Our teams understand this and BDO can support our clients with the right mix of skills and expertise in the insurance sector, together with proactive advice and business services. We provide audit and advisory services to a wide range of national and international insurance groups. We also have a skilled and experienced actuarial team, as well as deep expertise in the valuation of life and non-life companies.

Our participation in national and international working groups on the standards means that we can assist insurers with the implementation of IFRS 17 and IFRS 9 and we are experienced in advising on regulatory, accounting, internal audit, compliance, digitalisation, cybersecurity and systems and control issues.

Our services include:

• Audit services
• Accounting advisory (including IFRS 17)
• Actuarial
• Internal audit
• Tax advisory
• Issuing of opinions required by law or special rules, for instance for mergers and other extraordinary corporate transactions
• Regulatory and compliance advisory
• Corporate finance
• Forensic and investigation services
• Advice on digitalisation and cybersecurity
• Sustainability.

Contact Us