Embarking on the ICOFR journey Embarking on the ICOFR journey Embarking on the ICOFR journey

Unprecedented circumstances are forcing the insurance industry to dramatically evolve and rethink the way business is being conducted globally. Volatile markets, dependency on technology, enhanced compliance requirements, among other factors, are leaving organizations little choice but to adapt. Accordingly, opportunities to lead and reshape the insurance industry have never been greater.

The Insurance Authority (IA) in the United Arab Emirates (UAE) published a circular in 2019 with respect to reporting requirements. This endeavors to strengthen internal controls within insurance companies in the UAE. We believe it is an opportune time to share insight on how insurance companies are complying with the requirements, the key areas of remediation identified and the next steps in their internal controls journey.

We leverage our first-hand experience of conducting such reviews in the market as well as insights from insurance companies in the UAE to present trends and insights on the implementation of IA’s circular relating to internal control over financial reporting (ICOFR). This report is designed to help an insurance company compare its ICOFR framework against its peers. On behalf of KPMG Lower Gulf, we look forward to delving deeper into the topics discussed within this publication, and exploring how your organization can make the most of opportunities that lie ahead.