Consistency and conduct the key for global regulators.
Key regulatory trends and developments impacting global insurance.
At times of uncertainty, businesses need exceptional clarity from regulators.
But regulators face difficult challenges over the next five years - not least reaching a workable consensus on capital rules, finding appropriate ways of supervising both group and subsidiary operations and working with the industry to optimise customer outcomes.
Aligning conduct supervision and prudential regulation would help bring clarity to both incumbent insurance firms and the new breed of digital-first businesses and insurtech innovators. “The world seems very comfortable with issues around solvency,” says Rob Curtis, Global Insurance Regulatory Lead, KPMG International, “but there's almost a complete absence of conduct regulation at the moment.”
For Gary Reader, Global Head of Sales and Markets, KPMG International, helping US regulators align their approach with global standards would be a major step forward, too.
“Insurance is not just a domestic product,” adds Janine Hawes, Insurance regulatory lead, EMA region. “Finding a way of recognising each other's regimes and not simply superimposing rules upon rules would be ideal.”
In this series of videos, KPMG member firm experts based in some of the major insurance markets discuss the issues that are likely to shape the industry's future. And in forthcoming articles and podcasts, you'll be able to access more in-depth analysis on how the industry can adapt as regulators respond to this fast-changing environment.
In this latest series of Evolving Insurance Risk and Regulation, KPMG member firm experts discuss the issues that are likely to shape the industry's future. And new Secretary General of the IAIS, Jonathan Dixon talks to Rob Curtis, Global Insurance Regulatory Lead, KPMG Australia about the progress of the second iteration of the Insurance Capital Standard, and about how the current initiatives will shape the IAIS and the global insurance industry for years to come.
Visit our EMA FS Risk & Regulatory Insight Centre for more insights.