Insurance - PricewaterhouseCoopers

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Financial Services Accountants Association Ltd The Financial Services Accountants Association (FSAA) was formed in 2000 from the merger of two industry accounting bodies, one involved with general insurance, the other with life insurance. The unified group aims to provide better service to its members, which include accountants and finance managers. Its services include training and development programs. Through the FSAA network, colleagues exchange ideas and keep abreast of developments in the industry. PO Box 24 Willoughby New South Wales 2068 www.fsaa.com.au Federal President Health Insurance Restricted Membership Association of Australia Inc The Health Insurance Restricted Membership Association of Australia (HIRMAA) is an association of 14 not-for-profit employee-based registered health insurance funds. It represents member funds in discussions with the Department of Health and PHIAC. 2/826 Whitehorse Rd Box Hill Victoria 3128 www.hirmaa.com.au Executive Director 204 | Insurance facts and figures 2009 Tel: (02) 9451 3223 Fax: (02) 9451 3234 Email: administration@fsaa.com.au Mr V Walter Tel: (03) 9896 9370 Fax: (03) 9896 9393 Email: ron.wilson@hirmaa.com.au Mr R Wilson
IBNA Ltd IBNA (formerly Insurance Brokers Network Australia Ltd) is a network of more than 80 accredited insurance brokers throughout Australia. Members provide products and services to IBNA shareholders, clients and underwriters. Level 10 1 Elizabeth Plaza North Sydney New South Wales, 2060 www.ibna.com.au Managing Director Institute of Accident Assessors The institute is a professional body formed in New South Wales and provides technical assistance to members who are qualified automotive loss assessors in all states of Australia. 11-13 Byrne St Auburn New South Wales 2144 www.motorassessors.com.au President Institute of Actuaries of Australia The institute’s main objectives are to: • • • • enhance the status of the actuarial profession in Australia make representations to governments and other bodies on matters with actuarial implications encourage the study of actuarial science Tel: (02) 8913 1640 Fax: (02) 9929 0451 Email: ibna@ibna.com.au Mr G Watman provide a forum for discussion of matters of interest to the profession. Level 7, Challis House 4 Martin Pl New South Wales 2000 www.actuaries.asn.au President Tel: (02) 9648 1412 Fax: (02) 9648 4241 Email: iaa@motorassessors.com.au Mr P Marks Tel: (02) 9233 3466 Fax: (02) 9233 3446 Email: actuaries@actuaries.asn.au Mr T Thompson PricewaterhouseCoopers | 205 Insurance directory
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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
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2.8 Life insurance taxation General
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Assessable income also specifically
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Capital losses from VPST assets can
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The meaning of life insurance from
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characterised as a separate policy
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3.1 Statistics Top 15 health insure
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Health insurance 60.0% 50.0% 40.0%
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3.2 Key developments Industry devel
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3.3 Regulators of health insurance
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3.4 Supervision and compliance In a
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Capital adequacy The Capital Adequa
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Other risks In addition, the standa
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3.7 Health insurance financial repo
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Page 158 and 159: Key dates Private Health Insurance
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Page 163 and 164: Insurance Brokers 4 Introduction -
Page 165 and 166: Insurance brokers play a vital role
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Page 171 and 172: 4.4 Solvency and capital adequacy r
Page 173 and 174: 4.5 Insurance brokers financial rep
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Page 180 and 181: 5.1 Key developments On 17 October
Page 182 and 183: • • Use of personal information
Page 184 and 185: Regulation of Direct Offshore Forei
Page 186 and 187: • a product disclosure statement
Page 188 and 189: Health insurance The Australian Gov
Page 190 and 191: 5.5 Sales practice regulation The F
Page 192 and 193: 5.6 Ability to pay claims As outlin
Page 194 and 195: 5.8 Sources of redress Financial Om
Page 197 and 198: Insurance 6 Directory 6.1 Governmen
Page 199 and 200: Motor Accident Insurance Commission
Page 201 and 202: Workplace Standards Tasmania Workpl
Page 203 and 204: Australasian Institute of Marine Su
Page 205: Australian & New Zealand Institute
Page 209 and 210: Insurance Advisers Association of A
Page 211 and 212: Investment and Financial Services A
Page 213 and 214: 6.3 Complaints review services The
Page 215 and 216: General insurers authorised to cond
Page 217 and 218: General insurers authorised to cond
Page 219 and 220: Registered life insurers Swiss Re L
Page 221 and 222: Registered health insurers Police H
Page 223: Notes PricewaterhouseCoopers | 221
Page 226 and 227: PwC in the insurance industry Price
Page 228 and 229: Publications continued 226 | Insura
Page 230 and 231: PwC Australian offices and insuranc
Page 232: Notes 230 | Insurance facts and fig
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Insurance - PricewaterhouseCoopers

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