BDO prides itself on being a market leading expert in its chosen markets, one of which is insurance.
The insurance industry is going through tremendous change right now. Key matters facing our clients include:
- IFRS 17
- Regulatory change
We have built our insurance sector expertise over many decades. We have the depth of specialist insurance skills to deal with changing needs of the insurance sector. We are one of a select number of firms able to understand the insurance market and deal with its global requirements, as well as the continuing political, financial and regulatory reporting challenges.
We offer the following services to the insurance market:
We provide external audit services to insurers, reinsurers, run off companies, brokers and managing agents. We are used to reporting in a variety of accounting frameworks, including IFRS and UK GAAP. We deal with a variety of regulatory reporting needs of global insurance groups including Solvency II reporting, and also help insurers deal with the global audit reform matters affecting many jurisdictions in the world.
In working with us, you will get an effective and high quality audit, delivered with market leading audit tools.
Our actuarial teams provides audit support and consulting services, offering expertise in claims reserving, capital and stochastic modelling, pricing and other matters.
Accounting advisory covers a wide range of advisory and consultative services, including financial reporting, evaluation of complex accounting and reporting issues, implementation of new accounting standards, evaluation and issues unique to individual clients. Key matters we are working with insurers and brokers on include the implementation of IFRS 9, IFRS 15, IFRS 16 and IFRS 17.
We help with all aspects of corporate, employment and personal taxes, providing both compliance and consulting services to insurance sector. In additional we assist with indirect taxes including VAT and IPT. Our global insurance tax specialists also help insurance groups and brokers with their global tax risks and opportunities.
Clients turn to our internal audit specialists for a coordinated and tailored service. We draw on a diverse skill base, which is able to deal with the complex and ever changing needs of the insurance industry.
Risk & capital
Risk management is central to the insurance world. Businesses need to have effective structures and systems to manage risks which align to business objectives and strategies and embed into the organization. Our team of experts work with you to design and implement the required models, processes, procedures and advise on the impact on your capital requirements.
Regulatory & compliance
Our regulatory and compliance experts help clients with applications for authorization or varying of permissions, supervisory issues, prudential matters, regulatory reporting and ad hoc requirements. We also help insurance groups with regulatory investigations.
Our forensic advisory practice has a reputation for delivering value for money and helping clients to achieve their goals with a focus on dispute resolution, professional negligence, fraud, financial crime and anti-corruption, forensic technology and valuations.
Corporate finance & restructuring
Our experienced insurance professionals support clients with the preparation for flotation and privatization, due diligence, share valuations, acquisition targeting, tax and succession planning. They also support the insurance market with restructuring.
Events and market insights
We are passionate about bringing fresh insight and ideas to our clients and delivering an exceptional client experience. From updates on technical and operational issues, to seminars on topical industry issues, we share fresh thinking on subjects such as regulatory, risk and governance, technology developments and operational resilience.
Our Insurance Regulatory eBulletin summarises key changes and updates from FCA, PRA and other insurance sector regulators. We host a series of events to give our clients and contacts in the sector an opportunity to meet and share their knowledge, experience and best practice.
If you are interested in subscribing our insurance email updates or attending our insurance networking events, please get in touch.