PwC Insurance Facts and Figures 2011 - PricewaterhouseCoopers

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Insurance Insights – a selection of PwC thought pieces on various hot topics for the insurance industry over the past 12 months A moment’s insight is sometimes worth a life’s experience Oliver Wendell Holmes 6 PwC
1 1.1 APRA’s Insurance Capital Review 8 1.2 Insurance contract accounting Exposure Draft 14 1.3 Attracting and retaining top finance talent 17 1.4 Data is the ‘life blood’ of business decisions – are you in control? 20 1.5 Unclaimed monies 24 1.6 Maximising GST efficiencies in general insurance claims 27 1.7 TOFA: What should I consider to make the right decision? 30 Insurance Facts and Figures 2011 7
Page 1 and 2: whatwouldyouliketogrow.com.au Insur
Page 3 and 4: Insurance Facts and Figures 2011
Page 5: Insurance Facts and Figures 2011 3
Page 10 and 11: APRA’s Insurance Capital Review 1
Page 12 and 13: Limits on asset exposures • Propo
Page 14 and 15: The intention is for insurers to ex
Page 16 and 17: Insurance contract accounting Expos
Page 18 and 19: 5. Presentation & Disclosure Overal
Page 20 and 21: Key challenges Insurance industry b
Page 22 and 23: Data is the ‘life blood’ of bus
Page 24 and 25: Managing data quality through a dat
Page 26 and 27: Unclaimed monies 1.5 Know your obli
Page 28 and 29: Conclusion Knowing your obligations
Page 30 and 31: GST and insurance claims processes
Page 32 and 33: TOFA: What should I consider to mak
Page 34 and 35: General Insurance 32 PwC
Page 36 and 37: Introduction Scott Hadfield The pas
Page 38 and 39: Statistics Top 15 general insurers
Page 40 and 41: Top 10 government insurers Entity Y
Page 42 and 43: Major Australian catastrophes Origi
Page 44 and 45: Key developments in 2010/11 2.2 Key
Page 46 and 47: Key development Fire Services Levy
Page 48 and 49: Regulation and Supervision 2.3 The
Page 50 and 51: Figure 1.1 - PAIRS and SOARS Probab
Page 52 and 53: • Details of subsidiaries and ass
Page 54 and 55: Solvency and capital adequacy 2.4 O
Page 56 and 57: Capital buffer Capital buffer is th
Page 58 and 59:
Capital adequacy: insurance risk ca
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Management of risk and reinsurance
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The requirements for documentation
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Transfer and amalgamation of insura
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Audit and Actuarial Reporting and V
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Financial reporting 2.7 Accounting
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Measurement of outstanding claims A
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Financial Statement disclosure prin
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General insurance taxation 2.8 Gene
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Apportionable issue costs (acquisit
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Financial reinsurance The ATO consi
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Life Insurance 78 PwC
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Introduction Tony Cook This year, t
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Statistics Top 15 life insurers 3.1
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Key developments in 2010/11 3.2 Top
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Regulation and supervision 3.3 Aust
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Australian Securities and Investmen
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Cost of investment performance guar
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Solvency and capital adequacy 3.4 W
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Management of risk and reinsurance
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Reinsurance This standard aims to e
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Governance APRA has undertaken a fu
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Accounting Standards 3.7 AASB 1038
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Life investment contract A life inv
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The best estimate liability will no
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Acquired life insurance contracts W
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Life insurance taxation 3.8 General
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Assessable income The assessable in
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Ordinary Class revenue losses can o
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• The financial supply is a borro
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4 Introduction - Andrew McPhail 118
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Insurance Facts and Figures 2011 11
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Financial Position: Outstanding cla
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As a heavily regulated industry, th
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• the collection and review of au
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Solvency and capital adequacy 4.4 A
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Asset risk The asset risk is the ri
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Financial and regulatory reporting
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Annual accounts Audited annual Corp
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Taxation of health insurers 4.7 An
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5 Introduction - Billy Bennett 138
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Insurance Facts and Figures 2011 13
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Specific provisions under the Corpo
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Financial reporting 5.4 Annual acco
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Goods and services tax Under the Au
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6 6.1 Key developments in 2010/11 1
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Key development Privacy law Summary
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Regulatory Framework for the Insura
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Product disclosure, insurance busin
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Ability to pay claims 6.5 The Finan
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ICAAP IFRS ILVR KYC LAGIC LAT LMI L
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Notes
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