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, IFRS 18 and IFRS 19), 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.

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 any IFRS technical matters. We are experienced in a variety of areas which we have listed under our services below.