1 / 10

20 things for mutual insurers to do in the next 500 days

20 things for mutual insurers to do in the next 500 days. Martin Shaw Association of Financial Mutuals. 2012 is a landmark year…. … and then there is financial services. Regulatory forces today. 1. Solvency II and new regime for non-Directives 2. Accounting rules overhaul- IFRS

arien
Download Presentation

20 things for mutual insurers to do in the next 500 days

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. 20 things for mutual insurers to do in the next 500 days Martin Shaw Association of Financial Mutuals

  2. 2012 is a landmark year…

  3. … and then there is financial services

  4. Regulatory forces today

  5. 1. Solvency II and new regime for non-Directives 2. Accounting rules overhaul- IFRS 3. Change to other European Directives (such as IMD/ PRIPs/ MiFID) and Euro regulators

  6. FSA now a policy implementer more than developer • With profits review/ Chrysalis • Retail Distribution Review • Reverse stress testing • New conduct strategy/ product regulation • Corporate governance changes • New regulators

  7. Austerity measures • New tax rules for insurers • Gender Directive/ Equalities Bill • Welfare reform • Changes to savings products

  8. Competition for new business, particularly in GI • Ripple effect of changes/ trends within wider insurance market • The potential for further consolidation • Uncertainties in markets and equities • Risk of falling consumer confidence and ability to pay/ save

  9. Actions to take… • Don’t just focus on Solvency II • Conduct a gap analysis • Conduct effective risk planning • Develop an integrated plan • Ensure senior manager/ Board commitment • Link plan to broader corporate strategy • Know what good and bad outcomes look like • Constantly monitor

  10. 30 20 things for insurers to do in the next 500 days 400 martin@financialmutuals.org 0844 879 7865 www.financialmutals.org

More Related