PwC Insurance Facts and Figures 2011 - PricewaterhouseCoopers

Foreword
Scott Fergusson
Insurance in Australia is a
fascinating sector. Insurers of all
types are in increasingly intense
competition for profitability and
market share in an environment of
uncertainty. Of course uncertainty
is the reason insurance exists,
but in 2010/11, this has been
exacerbated by a significant run
of terrible natural disasters,
by political debate, market
consolidation, economic factors
and regulatory changes. It’s not
easy for insurers – these factors
have been posing significant
management challenges whilst
the goalposts for operating in
the insurance market continue
to shift.
Those insurers and intermediaries best
managing such changes are the ones who
continue to find opportunity in change.
They tend to maintain focus on engaging
loyal customers with valuable products
or services, they have agile processes
and systems, effective risk management
as a positive part of culture, and a clear
strategy. They are also the ones with
motivated people who are able to bring
these attributes to life.
We have prepared this publication as
an annual reference guide for those in
the sector and those looking into the
sector from outside. While it summarises
the “goalposts” for insurers and
intermediaries in terms of the applicable
regulation, accounting and tax rules,
it also provides an overview of the
sector, recent developments impacting
it, and some insights into relevant hot
topics which may help insurers compete
more effectively in a challenging, but
rewarding market.
PwC Australia has over 150 people
currently providing valued insurance
clients with assurance, tax and advisory
services. Many of the team have
contributed to this publication.
I thank all those who contributed and
on behalf of the entire PwC Insurance
team I am delighted to welcome you
to our Insurance Facts & Figures 2011.
Scott Fergusson
PwC Australia Insurance Leader –
Assurance Services
2 PwC