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IFRS 17 is a major shake-up of insurance reporting on a global scale and for Hong Kong general insurers. The new accounting standards will bring more transparency and comparability to the way financial information is presented. Investors and stakeholders will get a detailed view of an general insurer’s risk exposures and financial performance.
In our video, we outline the key implications of IFRS 17 and share our recommendations on how general insurers in Hong Kong can approach their implementation journey.
Cybersecurity is a crucial factor for insurers’ digital transformation journey, protecting them from the growing threat of cyberattacks.
Watch the video to find out our insights and recommendations on improving cyber hygiene.
To promote Hong Kong’s role as a global risk management centre and to attract insurance and reinsurance businesses to set up their regional hubs in Hong Kong, the HKSAR Government has undertaken a series of legislative work. The establishment of new regulations in respect of insurance-linked securities (ILS), and also the launch of the ILS pilot programme in the 2021/22 Budget are the important steps to encourage cross-border RMB reinsurance.
Watch our video to learn about what ILS is, the implications and business opportunities for insurers in Hong Kong.
With increased scrutiny on transfer pricing in Hong Kong and internationally, insurers may need to revisit their approaches to transfer pricing documentation and governance. Watch our video to find out the unique issues, potential pitfalls and our recommendations for the insurance industry.
After submission of the first ORSA reports in Hong Kong, the regulator and the industry alike will want to turn their attention next to how the risk management processes that are articulated in these first ORSA reports can be improved, and especially how risk management processes can be embedded, through the ORSA, in the running of the company.
In this two-part video, we outline three key areas of continued focus for the Hong Kong insurance industry in embedding high-quality risk management processes through the ORSA.
In this video, we are going to look at the tax policies for Insurance industry in Hong Kong, and share insights on how the government help to further develop this industry.
This is the first video in our series about actuarial modernisation.
PwC has recently run a global survey on actuarial modernisation to understand the current state of transformation initiatives across both Life and P&C companies. What have we learned from that in terms of the drivers of modernisation?