The time has come for an overhaul of the Insurance system, as regulation regarding known inadequacies has progressively become stronger in recent years. Solvency II is an opportunity to improve insurance regulation by introducing:
- An more risk-based and integrated approach for insurance provisions and capital requirements
- A comprehensive framework for risk management
- Internal models for estimating capital requirements
- Recognition of diversification and risk mitigation.
KPMG in Greece offers the following Insurance Risk related services:
Insurance Risk management and mitigation Insurance risk services can help insurers (life, non-life and reinsurance) to manage and mitigate insurance risks. It provides a systematic review of portfolios and identifies opportunities for improving insurance risk monitoring and management along with underwriting and pricing policies and practices.
Solvency II compliance services A number of issues have been brought to light, making it clear that Solvency II is the new challenge in the insurance world. Recognizing the importance of regulatory and compliance issues in the insurance industry, KPMG can help organizations balance regulatory compliance needs, demands, and requirements with business efficiency and turn compliance into a business strategy, improving the risk-based efficiency of compliance operations.