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Library: Deloitte – Weather the storm

Executive summary:

Insurance markets in Asia Pacific are going through an era of rapid change in their regulatory solvency regimes, albeit at a different pace across the region. In the past few years, markets including Australia, Chinese Mainland and Singapore have transitioned into a new solvency regime which is akin to Solvency II. Other markets including Hong Kong SAR, Japan, Korea, Malaysia, New Zealand and Thailand are embarking on their journey to a new solvency regime.

 The Digital Insurer reviews Deloitte’s Report on Weather the Storm

New solvency regime for Asia

Despite the different levels of progress, these regulatory changes all have a far-reaching impact on the level of capital held by the insurance industry and is a topic of focus by a myriad of stakeholders including regulators, investors, credit rating agencies and the general public.

This evolution of regulatory solvency regime has resulted in a number of key themes:

  • More volatile solvency results. The new solvency standards being adopted will produce more volatile solvency results relative to the existing regimes given the economic balance sheet approach.
  • Essential to be “business-ready” for the new regimes. The increased level of solvency volatility implies that solvency reporting is no longer a compliance exercise. Insurers will need to be “business-ready” for the new regimes, by fully embedding solvency-related metrics in all business processes and having the ability to react to the key underlying drivers of solvency to enable timely business decision-making.
  • Operationalisation requires top-down support. To be “business-ready”, operationalisation of the new regime will require top-down management support to drive enterprise-wide business embedding and applications.

Follow the link to download the full report Weather the Storm: The Latest Insurance Solvency Capital Updates across Asia Pacific. This is a series with two volumes which focus on:

Volume 1: Market Updates on Insurance Solvency Capital Developments

Volume 2: Are You Business-Ready for the New Solvency Regime?

See the full report for more…

Link to Full Article:: click here

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