Insurance

Helping insurers succeed, from strategy through execution.

As the leading provider of professional services to insurance organisations, PwC has extensive knowledge of the issues, trends and challenges that insurers face.

PwC's Asia Pacific IFRS 17 Health Check Survey

The insurance industry is growing rapidly in Asia Pacific's developing markets. A significant unifying factor in this diverse region is the adoption of IFRS 17, a globally standardised accounting model for all insurance contracts.

We surveyed close to 70 insurance executives across 11 countries in the Asia Pacific region in May 2020 to understand how insurers are conducting their IFRS 17 programmes. The responses provide insights into approaches followed, progress made and challenges faced with IFRS 17 implementation.

Access survey results

Risks and changes in the digital era

Insurance Banana Skins 2019: A Singapore observation

With the pace of change at an unprecedented level, insurance industry players are constantly being challenged on the status quo. The ability to manage and embed these changes throughout the organisation is crucial.

The overall tone of the survey shows a rise in the anxiety level faced by the Singapore insurance industry. This is due largely to a rise in operating risks; most notably advances in technology, and political and regulatory risk which could impose constraints on the industry.

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23rd CEO Survey - Key findings from the Insurance industry

Moving from resilience to reinvention will help insurers succeed in uncertain times

In the face of gathering economic headwinds, tech disruption and geopolitical uncertainty, PwC’s 23rd Annual Global CEO Survey shows that although most insurers acknowledge challenges over the next 12 months, they’re confident in their own long-term resilience. The front-runners, in fact, want to go beyond simply surviving by using these challenges to their advantage.

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The Singapore insurance industry provides a broad range of life, health, general, commercial and reinsurance coverage to individuals and businesses. A strong regulatory environment and entry of a number of global companies and brokers has seen Singapore established as a key regional centre for insurance and reinsurance, and domestically the penetration of life and health products continues to increase.

Challenges faced by insurers include the need to strengthen customer relationships and develop tailored and targeted products in the face of increasing customer demands and competition.

How PwC can help you

PwC has an expert team of insurance industry specialists providing services across a wide range of areas. In addition to our assurance and tax services, we are currently helping clients succeed during this period of evolution by advising on strategies around customer engagement and retention, big data and digital technology.

Key to our team's ability to deliver value to our clients is our depth of understanding of what is happening in the industry both locally and internationally. Examples of our understanding of global trends and how these will impact on the local market are reflected in PwC's Insurance 2020 series, Insurance Banana Skins and updates on IFRS for Insurance Contracts.

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Contact us

Woo Shea Leen

Woo Shea Leen

Insurance Leader, PwC Singapore

Tel: +65 6236 3908

Sam Kok Weng

Sam Kok Weng

Financial Services Leader, PwC Singapore

Tel: +65 6236 3268

Brendan Egan

Brendan Egan

Partner, Tax, PwC Singapore

Tel: +65 9627 4720

Andrew Taggart

Andrew Taggart

Partner, PwC South East Asia Consulting, PwC Singapore

Tel: +65 9734 0662

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