Insurance publications

	Top Insurance Industry Issues in 2013 Top Insurance Industry Issues in 2013 describes in detail the challenges insurers are facing and the strategies they can use to cope with change, manage risk, enhance their operations, and grow.

	Wielding Distribution Forces for Global Growth Distribution channel innovation promotes competitive differentiation for cross-border operations. Effective distribution improves customer acquisition and retention, thereby enabling premium growth, market share gains, and profitability.

	2012 Insurance ERM and ORSA Readiness Survey PwC recently surveyed 65 US life, P&C and health insurers about their ERM practices and readiness for RMORSA requirements. While some insurers are ahead of the curve, survey results indicate that, for the industry as a whole, there is a potentially significant gap between perceptions of RMORSA preparedness and the actual completeness of underlying risk frameworks.

	NAIC meeting notes: Spring 2013 NAIC Spring National Meeting in Houston April 2013. Newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met at the meeting.

	How do the final FATCA regulations impact insurers? PwC released an earlier Newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed regulations and final regulations, which potentially apply to all industries. To supplement the earlier Newsbrief, this Newsbrief describes the most notable differences between the proposed and final FATCA regulations that will impact insurers.

	Game on: How information is changing the rules of insurance The ability to effectively manage, leverage, and integrate the "data deluge" flooding today’s carriers will be a key differentiator in the insurance marketplace of the future.

	Simplicity is the ultimate sophistication: How life insurers can streamline incentive compensation for their producers Leading carriers are establishing the flexibility to craft compensation that aligns with corporate goals. This enables them to distinguish themselves from competitors in agents’ eyes.

	Tax accounting for insurance companies This document provides details and examples of the important changes to income tax accounting under statutory accounting principles (SAP), including accounting for uncertain tax positions, which became effective on January 1, 2012.

	Loyalty analytics exposed: What every program manager needs to know As loyalty programs have grown and matured, various accounting, actuarial, and regulatory models have emerged. Differing views on recognizing and measuring loyalty program benefits and costs have led to diversity in practice. Gaining an understanding of these different perspectives, particularly with respect to point-based loyalty programs, is critical to establishing an effective loyalty program strategy and proper financial reporting.

	Top Insurance Industry Issues in 2012 Top Insurance Industry Issues in 2012 addresses key issues for insurance companies including SSAP 101, regulatory compliance, Dodd-Frank, international expansion, risk and capital management, the low interest rate environment, policy administration, the impact of FATCA, and more.

	Missing the forest for the trees? Adapting underwriting intensity to boost insurance property and casualty sales A conventional property and casualty insurance underwriting approach is not as effective as a targeted sales-oriented method for improving submission rates and increasing sales. This FS Viewpoint outlines the steps to achieving a targeted approach and describes "underwriting intensity".

	Using a RMORSA to improve risk and reward decision-making Insurers can leverage the Risk Management Own Risk & Solvency Assessment (RMORSA) to improve risk-to-reward decision-making and insurance business planning. Insurers that re-design their risk management functions and processes will improve regulatory relations to better handle market uncertainty.

	2012 Connecticut Insurance Market Report This report, which PwC produced with Connecticut Insurance & Financial services, contains ideas, strategic insight, and perspectives on the Connecticut insurance industry.

	Is your finance function delivering the value you expect? Considering the demands on finance functions and current opportunities for improvement, this may be the best time for insurers to revisit their finance operating models and better prepare their operations for current and future demands.

	Continuing Developments in the Taxation of Insurance Companies: 2011 the year in review The latest edition reviews developments affecting the taxation of insurance companies with a special focus on legislation, tax accounting, and Federal, international, and multi-state taxation developments.

	How do the proposed FATCA regulations impact Insurers? Long-awaited proposed regulations providing guidance on FATCA issued - including specific implementation issues relevant to the insurance industry.

	A brief introduction to insurance underwriting and information advantage Insurers that use a broad range of underwriting information will have an information advantage over their competitors. The question for insurers to consider is whether their underwriting function will compete at an information advantage or disadvantage.

	G-SIIs vs. G-SIFIs: Lines blur between insurance and banking July - 2012 As a part of a global initiative to help prevent a repeat of the 2008 financial crisis and reduce the threat posed by global systemically important financial institutions, the International Association of Insurance Supervisors has released its proposed assessment methodology for the identification of global systemically important insurers.

	Strategic risk management: Facilitating risk-based insurance decisions Enterprise risk functions usually do well identifying, modelling and mitigating "knowable" risks, but face a bigger challenge identifying, quantifying and mitigating ambiguous risks. Insurers require a strategic Risk Management (SRM) solution to identify, assesses and manage enterprise-threatening losses over time.

	Can your reporting strategy meet new challenges? Insurance organizations are examining their reporting strategy as a result of regulatory and accounting changes from the FASB’s/IASB’s Measurement of Insurance Contracts standards and Solvency II's Pillar 3 disclosures. A flexible reporting environment can accommodate existing and new reporting requirements.

	The Sprint for the Global Footprint: How Insurers can Build a Profitable Growth Strategy through International Expansion Projected slower growth in developed economies is creating a mandate for insurers to expand internationally. However, no one strategy fits all in terms of where, how, and when to expand. In fact, leading insurers have learned that uniform approaches fall short, and that the key to success is making available information actionable.

	Fire, Ready, Aim: Don't Miss the Point of a Policy Administration Transformation The frequency and complexity of changing market dynamics have made a modern and flexible PAS platform a necessity for desired growth and profitability, and most insurance carriers are placing policy administration system (PAS) transformation near the top of their to-do lists. Companies that do not adapt risk losing market share while experiencing continually escalating costs.

	Getting more from your property & casualty actuarial analysis Many companies retain P&C insurance risks, and typically retain the services of a credentialed actuary to assist with various financial analyses of the retained risk. These two papers are for insurance and other companies, respectively, and contain questions that a risk manager should discuss with the company's actuary.

	Have insurance pool expectations exceeded solvency measures? This paper explores various solvency measures pools use to establish and assess funding level, and also discuss the context in which the specific measures developed. In addition, it addresses alternative strategies and approaches to establish and assess funding levels.

International comparison of insurance taxation
We have the pleasure in presenting the recently updated survey of the accounting and taxation rules that apply to both life and non-life insurance business around the world. The intention of this survey is to present an overview of the situation for seven countries.

The Direct Distribution Dilemma
At a time when technology-driven innovations are giving consumers more insights into and control over their purchases, insurers cannot afford to be left behind. Consumers are demanding more choices, competitive prices, better service, and different ways of doing business.

Getting Set for the US ORSA
The NAIC recently described its proposed expectations for the assessment and resulting ORSA filing in its draft ORSA Guidance Manual. This paper explores the Manual's key features and its implications for insurers as they prepare for the expected US ORSA requirement.

Demystifying group supervision
As a result of international scrutiny, there will be significant changes to group supervision in the years to come. This paper explores the changes to group supervision that may have the most impact on insurance groups.

Preparing for the US ORSA: Considerations in advance of the new US insurance regulatory requirement
This paper describes the key steps that insurers can take today to influence the scope of the requirement and ensure a smooth transition to regulatory reporting of ORSAs.

Redefining the customer experience: Mobile telematics and the future of the insurance industry
Recent technological advancements, widespread adoption of smartphones, and the ever-evolving nature of vehicle communications systems represent a unique confluence of trends that present a significant opportunity for insurers. By incorporating mobile telematics into the core business strategy, insurers can fundamentally alter and improve the value proposition for consumers in an unprecedented way.

Beyond Financial Reporting: Assessing the Organizational Impact of the IASB and FASB Proposals for Accounting for Insurance Contracts
Recent proposals on accounting for insurance contracts represent a major change in financial reporting for insurance companies. However, the proposals' potential impact extends far beyond just financial reporting. Insurers will need to examine their organization's capabilities, related efforts and projected timeframes to create a framework for management to integrate this proposed comprehensive measurement approach into their respective organizations, as well as to assess the potential impacts on their systems, processes and people.

Publication archives

Delivering regional insights in insurance taxation: Asia Pacific Insurance Tax News
PwC’s Asia Pacific Insurance Tax News offers insights into topical tax issues in the insurance industry in the Asia Pacific region. This issue features an assessment of the implications of FATCA regulations on insurers in the region.
Continuing Developments in the Taxation of Insurance Companies: A history: 1986-2010
For the past 15 years, "Continuing Developments in the Taxation of Insurance Companies" has provided an overview of developments affecting the taxation of insurance companies. Though cases and rulings increase our knowledge and provide clarity, they often generate as many questions as they answer. In this edition, we have documented the various changes the industry has undergone since 1986.
Bracing for Change: Medical professional liability (MPL) insurance costs at a crossroads
This latest PwC insurance publication says that careful consideration of the impact of these potential changes will better prepare healthcare providers, liability insurers, and medical professionals for changes in MPL insurance costs before they actually occur, and also describes developments and strategies that could potentially limit MPL insurance costs in the long-term.
Overcoming Claims Inadequacies: A Mortality-Based Approach to Reserving for Old Workers’ Compensation Claims
While several recent industry studies have found that workers' compensation reserves are adequate or perhaps only slightly deficient overall, adverse development in older accident years is a continuing problem.
Managing Risk and Capital Adequacy: The Potential Impact of Solvency II on US Insurers
Increasing US regulatory interest in risk management and risk quantification practices is motivating US insurers look closely at Solvency II. Although not all of them will be directly subject to the new regulatory regime, most of them will feel its impact.
Tax accounting for insurance companies 2010
The Tax Accounting for insurance companies: A comparison of tax accounting under generally accepted and statutory accounting principles addresses the key provisions of FAS 109 (now ASC 740) and SSAP No. 10R.
NAIC meeting notes archive
This newsletter contains information on activities that occurred in some of the committees, task forces and working groups that met.
Insurance tax bulletins
One page summaries of insurance tax developments affecting insurance companies and their products.
A Timely Adjustment: Transforming Claims Operations for Measurable, Sustainable Advantage
A struggling economy that softens demand for insurance, an increase fraudulent claims, price competition, and recent collapses in the value of investments have reduced insurance industry margins. Companies operating on multiple legacy platforms must compete with newer carriers with modern, integrated systems.
Making sense of the numbers
PwC interviewed more than 40 investment professionals in 2009 to understand their thoughts on the current state of insurance reporting and its future direction. Findings reveal widespread dissatisfaction with the current state of financial reporting.
FS Viewpoints: A brave new world for insurance companies
The latest in our series on current issues impacting the financial services industry is entitled: Federal oversight and banking regulation - two generational changes to consider
A Closer Look: Impact of the Dodd-Frank legislation on insurance companies
This edition of A Closer Look provides a perspective on the impact that Dodd-Frank may have on insurance companies, including overall regulatory structure and new requirements that apply to portions of certain insurance companies’ business.
The Chinese insurance market
Chinese insurers and regulators are now focusing on stability and improving risk management. Companies that best capture the opportunities of this transitional stage will enjoy significant long-term success in China in the years to come.