The insurance industry is going through fundamental changes with significant changes to financial reporting (e.g. IFRS 17), past and current changes to regulatory reporting and supervision (e.g. Solvency II), the use of and impact of technology on the way insurers operate and also the impact of climate change.
BDO can support our clients as they face these changes with the right mix of skills and expertise in the insurance sector.
We provide audit and advisory services to a wide range of national and international insurance groups. In addition, we have actuarial skills and deep experience in the valuation of life and non-life companies.
We are experienced in advising on regulatory, accounting, internal audit, compliance, digitalisation, cybersecurity and systems and control issues.
We can assist insurers with the implementation of IFRS 17 and IFRS 9, thanks to our expertise in the field and to participation in national and international working groups on the standards.
We offer insurers:
The COVID-19 outbreak affects insurers both directly, through underwriting shocks including increases in mortality and morbidity, and indirectly, via market issues including lower equity prices, higher credit spreads, widespread downgrades, and low interest rates. Insurers are responding to the COVID-19 crisis on multiple fronts — from employee and business continuity issues to client service considerations to the overall economic outlook.
BDO can provide first-aid support for insurers to respond to the issues arising from COVID-19 .
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