Insurance
KPMG's Global Insurance practice provides focused audit, tax and advisory services to the insurance sector. This industry focus gives our professionals an in-depth understanding of key issues and our member firms provide services to over 65 percent of the world’s 100 largest insurance companies.
Our multinational Insurance teams are led by senior partners who have a wealth of global client experience and relationships with many of the major market players, regulators and leading industry bodies. We listen to our firms’ clients and understand. The result is a focus on the issues that really matter:
- Growth — insurers are expanding into emerging markets such as Central and Eastern Europe, Russia and India, which are generally underinsured but increasingly affluent. In mature markets, demographic changes are driving new product development as insurance companies adjust to the changing needs of their core domestic client base. Takaful Insurance is opening up an exciting Islamic market.
- Performance — many of the larger groups are complex, diverse entities that have been very successful in mergers and acquisitions and in growing their product sets and geographic scope. There is huge potential in the industry for increased IT investment, improved operational efficiency and cost savings.
- Governance — insurance companies face challenges to improve the quality of their risk management, underwriting discipline and risk pricing. In many cases improvements are still required in the basic documentation and reporting of risk. This is a growing challenge as the evolving industry standards of IFRS Phase II and Solvency II place new demands on insurers for increased control and transparency.
On behalf of our 5,800 insurance partners and professionals, we welcome the opportunity to discuss how KPMG member firms can help you achieve your business objectives.
To discuss how we can work together, please contact us.