The insurance industry is undergoing major changes that will significantly impact calculations and their representation in financial statements. These include Solvency II legislation, IFRS 17 and IFRS 9, to name a few.
BDO can support our clients as they face these changes with the right mix of skills and expertise in the insurance sector. We provide audit services to a wide range of national and international insurance clients. In addition, we have actuarial skills and deep experience in the valuation of life and non-life companies. We are experienced in advising on regulatory, accounting, internal audit, compliance, digitalization, cybersecurity and systems and control issues.
We can assist our clients in implementing IFRS 9 and IFRS 17, thanks to our expertise in the field and to participation in national and international working groups on the standards.
We offer insurers:
- Audit services
- Accounting advisory
- Tax advisory
- Issuing of opinions required by law or special rules, for instance for mergers and other extraordinary corporate transactions
- Valuation of insurance companies
- Advice on obtaining regulatory approval for changes
- Financial, tax, legal and actuarial due diligence
- Fully outsourced and co-sourced internal audit and compliance services
- Systems and control manuals
- Post-implementation systems reviews
- IFRS accounting
- Advice on all aspects of financial instrument standards
- Advice on digitalization and cybersecurity
- Sustainability services
The COVID-19 outbreak affects insurers both directly, through underwriting shocks including increases in mortality and morbidity, and indirectly, via market issues including lower equity prices, higher credit spreads, widespread downgrades, and low interest rates. Insurers are responding to the COVID-19 crisis on multiple fronts — from employee and business continuity issues to client service considerations to the overall economic outlook.
BDO can provide first-aid support for insurers to respond to the issues arising from COVID-19 .
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