Non-life insurance companies
The Actuarial Services Group of KPMG Russia has extensive experience in providing services to companies focused on insurance other than life insurance in Russia and the CIS. We have conducted quite a number of routine valuations of reserves as part of audit and advisory engagements, including advice on the methodology and organization of provisioning in accordance with IFRS and IAS. In the past few years, KPMG Actuarial Services Group accomplished a number of advisory engagements for major non-life insurance companies, including actuarial support of due diligence carried out for the benefit of the seller or the buyer, implementing of IFRS 17, calculation of potential losses, etc.
- Valuation of loss reserves for the purposes of preparing financial statements and mitigating the risk of pricing errors, dealing with capital distribution objectives, and determining the tax base.
- Pricing of new and existing products to appropriately assess the risks to be insured and raise the profitability of insurance.
- Determining an optimum reinsurance strategy to improve robustness of the insurance portfolio, align profits and reduce the amount of regulatory solvency requirement.
- Analysis and improvement of the underwriting policy to protect the portfolio against unreasonably high risks.
- Analysis of insurance losses and risk factors to identify main sources of risk and increase profitability.
- Due diligence of the buyer or the seller.
- Actuarial support of mergers and acquisitions, and due diligence of the buyer or the seller.
Benefits to the client
- An independent valuation of loss reserves in accordance with IFRS, acceptable range of values of the loss reserves
- Optimum reinsurance protection
- The chance to increase the profitability of business
- Compliance with statutory requirements and standards
- Comprehensive analysis of the insurance portfolio
- Efficient insurance risk management