Trusted guidance in a changing landscape
The insurance industry is juggling the immediate challenges of volatile asset values and the slowdown in the economy with the medium-term challenges of regulatory and accounting changes. Strong, effective management is crucial to maintaining profitability in the short term. Key matters facing our clients include:
- IFRS 17
- Adapting post pandemic
- Regulatory change
Risk management and governance are the keys to success both in the current environment and in the future. The Regulators, including Abu Dhabi Global Markets’ (ADGM) Financial Services Regulatory Authority, Dubai International Financial Centre’s (DIFC) Dubai Financial Services Authority and the Central Bank of the United Arab Emirates are looking to insurance firms to demonstrate how they are identifying and managing risk and may force firms to act if they are assessed as weak in this area.
Whilst the number of insurance companies in the United Arab Emirates remain at just over sixty, gross written premiums have increased due the affects of the pandemic. The challenges as the insurance industry enter a post pandemic environment remain.
Insurance intermediaries continue to work to find the best insurance solutions for their customers and clients while meeting numerous regulatory challenges such as controlling client money.
Key matters we are working with insurers and brokers on include IFRS 9, IFRS 15, IFRS 16 and IFRS 17. We have a dedicated team of experts who understand the industry issues, with the experience to support clients to meet today’s challenges and achieve success.
We provide a full-service capability to the sector, with external audit, internal audit, regulatory, risk management and governance, tax and accounting expertise.