The Australian insurance industry provides a broad range of property and casualty, life, and health insurance coverage to individuals and businesses.
The Australian insurance industry provides a broad range of property and casualty, life, and health insurance coverage to individuals and businesses. It acts as an important buffer for the Australian economy, softening the financial impact of events on the public purse by funding claims out of the private sector.
PwC has a deep team of insurance industry specialists serving insurers across a wide range of professional 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. We are also active in helping clients with their implementation of risk and capital frameworks that meet LAGIC & ICAAP requirements, with optimising direct and indirect tax outcomes, with enhancing systems and controls effectiveness and efficiency, and with providing independent assurance across financial and regulatory reporting.
Key to our team's ability to think broadly and differently to help clients is our depth of understanding of what is happening in the industry both locally and abroad. Some of this local understanding is reflected in PwC's Insurance Insights series; quarterly accounting, tax and regulatory updates; and PwC's widely recognised annual Insurance Facts & Figures publication. Examples of our understanding of global trends and how these will impact on the local market are reflected in PwC's Insurance 2020 - The Future of Insurance; Insurance Banana Skins; and updates on IFRS for Insurance Contact updates.
With the new IFRS standard for insurance contract accounting expected in early 2017, we have produced some recent thought leadership that might be of interest.
Even with an expected effective date of 2020 or 2021, the long lead time is a reflection of the complexities anticipated around implementation. This publication outlines important things that insurers should be thinking about now.
The insurance industry is as competitive as ever with all elements grappling with the effects of various drivers of change, including changes in social behaviour, developments in technology, long term low economic growth prospects, volatile weather patterns and events, and a continually evolving political and regulatory environment.
This report is a summary of the key findings in the insurance sector, based on a survey of 101 insurance CEOs in 43 countries and in-depth interviews with Peter D. Hancock, President and Chief Executive Officer, AIG (US) and Dr Nigel Wilson, CEO, Legal & General (UK).