Insurance Review: Summer 2009

PricewaterhouseCoopers' Insurance Review offers a Canadian perspective on the challenges and opportunities in the insurance industry. The Summer 2009 issue discusses:

• A new strategic position: Redefining internal audit in an economic downturn
• The use of captive insurers and tax havens: Implications of a UK tax court transfer pricing case
• Emerging from the storm: The day after tomorrow for insurance

In the face of an economic downturn, organizations are dealing with unfamiliar challenges which have changed the imperatives for internal audit. While the focus over the past few years has been on regulatory compliance, organizations have now turned their attention to managing their operations and risks more efficiently.

Internal audit must now demonstrate its value beyond financial controls and compliance. It has to add strategic value by increasing the breadth of its focus and by addressing current business challenges, all of which need to be achieved through an efficient and low-cost audit process.

A new strategic position: Redefining internal audit in an economic downturn (93 KB) Download the full PDF article.

On April 22, 2009, the UK’s first substantive transfer pricing case was made public. The UK Special Commissioners found in favour of Her Majesty’s Revenue and Customs (HMRC) that non-arm’s length pricing between the UK’s biggest electrical retailer, DSG Retail Ltd. (DSG) and a captive insurer in the Isle of Man (DISL), resulted in an understatement of UK corporation tax during the period 1996 to 2005. This article outlines the impact of this court case to insurers and reinsurers.

The use of captive insurers and tax havens: Implications of a UK tax court transfer pricing case (91 KB) Download the full PDF article.

Drawing on input from a range of leading insurers, financial market participants and PricewaterhouseCoopers specialists from around the world, Emerging from the storm: The day after tomorrow for insurance reports how the financial crisis is set to reshape the industry, along with some of the key developments that are likely to affect particular segments and geographical markets.

Emerging from the storm: The day after tomorrow for insurance (63 KB) Download the full PDF article.

Insurance Review: Summer 2009 (458 KB) Download the entire PDF.