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A functional approach to weather future storms

How to build a strong foundation in the regulatory insurance landscape

The insurance industry agrees that data requirements are a key challenge in the implementation of IFRS 17. Although the main purpose of IFRS 17 is to harmonize the insurance industry by setting principle-based standards, the new accounting standards also enforce a new level of data management. At Zanders we believe that this is the right opportunity to build a strong data foundation. Not only for the implementation of IFRS 17, but to prepare for any future regulatory or market changes.

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Quantification of model risk

Risk management and treasury specialists are using diverse models on a daily basis to manage various risks. It is easy to forget about the risk that is implied in using the model itself. What we refer to as ‘model risk’ can arise due to misuse of the model, incorrect model choices or inappropriate model use.

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Upcoming challenges for insurers

Due to upcoming regulatory changes, technology advancements and the potentially catastrophic rise of so-called InsurTech companies, life as an insurer gets busier and busier. They are currently facing an awe-inspiring amount of challenges, such as IFRS 17, the Solvency II review, Net Capital Generation, Artificial Intelligence, InsurTech and the reform of interbank offered rate (IBOR). So, how are insurers coping with all these challenges?

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IFRS 17 brings finance and risk closer together

The insurance sector is preparing for the implementation of IFRS 17. A great deal of attention is paid to modeling and the consequences for (finance and risk) policy. In addition to complying with the regulations, the implementation of IFRS 17 also offers an opportunity to bring the worlds of finance and risk closer together. Experiences from other areas of the financial sector could then prove useful. Yvonne Sijm, director at Zanders, explains.

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Time for collective risk mitigation

In April 2018, The Economist wrote about the sharp increase of methane in the atmosphere during the past 10 years. This increase is worrying because, like carbon dioxide, methane retains heat and contributes to the heating of the earth. Scientists don’t agree on the cause of the increase either.

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