Insurance - PricewaterhouseCoopers

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5 5.1 Key developments 178 Policyholder Protection 5.2 Framework 179 5.3 Product disclosure, insurance business and insurance contracts 183 5.4 Pricing and competition 185 5.5 Sales practice regulation 188 5.6 Ability to pay claims 190 5.7 Use of personal information 191 5.8 Sources of redress 192
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Insurance facts and figures 2009
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Insurance facts and figures 2009
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4 Insurance Brokers 161 Introductio
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IFRS International Financial Report
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It is with great pleasure that we w
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10 | Insurance facts and figures 20
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1.1 Statistics Top 15 general insur
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Top 10 government insurers Entity S
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Direct insurers 25% 20% 15% 10% 5%
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Reinsurers 25% 20% 15% 10% 5% 0% -5
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Total private sector 25.0% 20.0% 15
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Major Australian catastrophes Origi
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1.2 Key developments Refinements to
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1.3 Regulators of general insurance
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Regulatory framework In September 2
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Restructure of operations The Insur
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Ongoing notification obligations Li
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Table 1.3 - Summary of current GI p
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Risk management GPS 220 Risk Manage
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Risk Management Declaration (RMD) T
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Key requirements of the prudential
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The key requirements of GPS 410 are
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1.5 Solvency and capital adequacy r
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The MCR represents an allowance for
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Capital adequacy: internal model-ba
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Table 1.6 - Counterparty grades Gra
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Capital adequacy: concentration ris
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The list of assets that cannot be i
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Reinsurance Management GPS 230 aims
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The “two-month” and “six-mont
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1.7 General insurance financial rep
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In contrast, stamp duty and the Goo
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The July 2004 version of AASB 1023
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1. Income statement The income stat
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Basis for financial reporting In ge
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• The financial information lodge
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When an insurer does not adopt the
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• • • • Controls - Consider
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1.8 General insurance taxation Gene
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Liability adequacy testing Under th
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Reinsurance recoveries are assessab
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Special rules also exist for a rang
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Other levies and taxes Fire Service
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Life Insurance 2 Introduction - Ton
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This is a very difficult and challe
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Performance Financial Position: Res
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Determination of the risk free disc
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Since its establishment in 1998, AP
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• Register of representatives, i.
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Table 2.1 - Life insurance prudenti
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Risk management The key requirement
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Audit and actuarial requirements Th
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2.5 Solvency and capital adequacy r
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Management capital LPS6.03 Manageme
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2.7 Life insurance financial report
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Changes in the assumptions underlyi
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A MSE arises when the sum of consid
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Disclosure requirements AASB 1038 r
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In addition, a life insurer which h
Page 127 and 128: 2.8 Life insurance taxation General
Page 129 and 130: Assessable income also specifically
Page 131 and 132: Capital losses from VPST assets can
Page 133 and 134: The meaning of life insurance from
Page 135: characterised as a separate policy
Page 138 and 139: 136 | Insurance facts and figures 2
Page 140 and 141: 3.1 Statistics Top 15 health insure
Page 142 and 143: Health insurance 60.0% 50.0% 40.0%
Page 144 and 145: 3.2 Key developments Industry devel
Page 146 and 147: 3.3 Regulators of health insurance
Page 148 and 149: 3.4 Supervision and compliance In a
Page 150 and 151: Capital adequacy The Capital Adequa
Page 152 and 153: Other risks In addition, the standa
Page 154 and 155: 3.7 Health insurance financial repo
Page 156 and 157: Deferred acquisition costs When acq
Page 158 and 159: Key dates Private Health Insurance
Page 160 and 161: 3.8 Health insurance taxation Gener
Page 163 and 164: Insurance Brokers 4 Introduction -
Page 165 and 166: Insurance brokers play a vital role
Page 167 and 168: 4.2 Regulators of insurance brokers
Page 169 and 170: Once ASIC has granted an AFSL pursu
Page 171 and 172: 4.4 Solvency and capital adequacy r
Page 173 and 174: 4.5 Insurance brokers financial rep
Page 175 and 176: 4.6 Insurance brokers taxation Gene
Page 177: Goods and services tax Under the Au
Page 181 and 182: 5.2 Framework In the insurance indu
Page 183 and 184: Table 5.1 - Policyholder protection
Page 185 and 186: 5.3 Product disclosure, insurance b
Page 187 and 188: 5.4 Pricing and competition Trade P
Page 189 and 190: Health insurers are responsible for
Page 191 and 192: Conduct and disclosure standards FS
Page 193 and 194: 5.7 Use of personal information All
Page 195: Notes PricewaterhouseCoopers | 193
Page 198 and 199: 6.1 Government authorities Governme
Page 200 and 201: Private Health Insurance Administra
Page 202 and 203: 6.2 Industry associations Associati
Page 204 and 205: Australian Health Service Alliance
Page 206 and 207: Financial Services Accountants Asso
Page 208 and 209: Institute of Public Insurance Asses
Page 210 and 211: Insurance Premium Finance Associati
Page 212 and 213: National Insurance Brokers Associat
Page 214 and 215: 6.4 General insurers authorised to
Page 216 and 217: General insurers authorised to cond
Page 218 and 219: 6.5 Registered life insurers Allian
Page 220 and 221: 6.6 Registered health insurers ACA
Page 222 and 223: 6.7 Government insurers ACT Insuran
Page 225 and 226: PwC in the Insurance Industry 7 7.1
Page 227 and 228: Insurance and financial services pu
Page 229 and 230:
Illustrative consolidated financial
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Notes PwC in the insurance industry
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pwc.com/au
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