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The key role that the Own Risk and Solvency Assessment (ORSA) plays in the overall enterprise risk management of life (re)insurers has been highlighted very clearly in the past year as (re)insurers have grappled with the direct and indirect impacts of COVID-19 on their businesses.

Over the past five years, since the introduction of Solvency II, the focus areas and process around ORSAs have continued to evolve and we share with you some general insights on evolving themes and development areas observed, in relation to the ORSA process, covering:

  • More focused reporting to Boards
  • Timing of the ORSA process
  • Embedding of the ORSA into the ongoing business cycle
  • COVID-19 impacts
  • Emerging Risk Assessment
  • Climate Risk
  • Recovery Plans
  • Risk Appetite Framework
  • Stress Testing
  • Operational Risk
  • Strengthening the governance framework

How KPMG can help

KPMG provide a range of supports and across the Insurance Risk and Actuarial Advisory sector. Examples of how our team of experts can assist include:

  • Assurance on a wide range of actuarial and risk aspects including Own Risk and Solvency Assessments (ORSA) peer review, risk and governance frameworks.
  • Capital management and optimisation in the current regulatory environment; and
  • Analysing your business, risks and data using modern technologies, including: Network analytics for risk management (Dynamic Risk Assessment), claims fraud and portfolio management, Content analytics, Data engineering and platforms, Machine Learning and Artificial Intelligence solutions;

Get in touch

For further information, contact our team below - we'd be delighted to hear from you.

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