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South Africa Insurance Outlook 2021
Navigating the insurance landscape
Our South African Insurance Outlook 2021 publication reflects on the past year, and shares some of our perspectives on trends that will shape the industry in years to come. This piece is a collection of articles and not surprisingly, many of them comment on the impact of COVID-19 on the industry. The impact of the pandemic and the lockdown response was a key driver of the 2020 financial results of insurers, and we have unpacked the themes that have emerged in the results released recently by the listed insurers.
In addition to responding to the impact of the pandemic, there are a number of regulatory and technology-led changes that insurers are needing to consider. These include the new IFRS 17 standard and a renewed focus on conduct risk as the role of the FSCA matures.
In this publication we discuss the following themes which we hope assists you navigate the local market in these current times.
We have made the full publication available for you to download as well as the individual articles below. Each article also has an accompanying video for you to engage with.
A summary of the financial results of the listed insurers
How regulatory stress tests held up under Covid-19
Options available for optimisation of regulatory capital for insurers
Using artificial intelligence in the insurance industry
Technology-based approaches to combat insurance fraud
Management of conduct risk in a maturing regulatory environment
Getting ready to use the new IFRS 17 metrics
We have released a follow-on article to the first article, which focuses on where insights gained from IFRS 17 metrics will impact on an insurer’s performance measurement and management capability.
Please download the second article in the series to find out more about the following:
• Why it is important to initiate discussions and begin crafting performance measurement metrics now, rather than
• Communicating the key areas within an insurers’ performance strategy: Growth, Financial Resilience and Value
Generation; and the impact of IFRS 17 for each of these areas
Controls and financial reporting under IFRS 17:What audit committees should know
VAT compliance for insurers