Insurance

The insurance industry is an uncertain, unstable and highly complex economic and financial environment composed by major regulatory changes. As a provider of audit and business advisory services, we have substantial experience in the international insurance market. Our strong business model ensures that we can combine a global scope with the listening skills and service levels of an individual business partner.

Our Experience

Our team has the knowledge and the experience required to provide effective, value-added solutions for your business.

We have been the Statutory Auditor for primary Insurance Companies in Italy.

We have participated with the International team of Mazars on the review of the “Internal model” used for the calculation of the Solvency Capital Requirements for the one of the most important Insurance Group (the "Group SCR").

We understand that the insurance industry is a unique segment of the financial markets. As such, it demands significant and specific knowledge and experience.

A deep understanding of Insurance

The insurance industry is an uncertain, unstable and highly complex economic and financial environment composed by major regulatory changes and that has to facing multifaceted challenges:

  • Compliance with constantly evolving regulation and accounting standards;
  • Financing your operations and growth;
  • Evaluating risk and adapting your strategy to market changes;
  • Providing consistent and transparent information;
  • Improving your financial performance;
  • Strengthening your internal controls;
  • Optimising your organisation and processes.

We can help you face these issues. We are an expert team in the insurance sector and we are able to tailor our approach and services to the particular requirements of the insurance industry. Our market knowledge and our technical experience in a wide range of services allow us deliver client service excellence.

An integrated platform

In our insurance practice, we work on a single integrated service platform, which brings together our professional experts in audit, tax and insurance advisory services.

It allows us to answer the questions in a timely and definitive, and to execute and deliver our services both efficiently and effectively.

All appropriate procedures are implemented in order to ensure the supply of high-quality services.

We bring our extensive experience and expertise to our clients in a personalized, with great attention to detail in a cost-efficient pricing model.

IFRS 17: Get ready

The new IFRS 17 standard which was published in May 2017 was initially expected to be effective as of January 1st, 2021. The divergent opinions expressed at different stages in the project and the complexity of the principle itself, required a deferral of the date of initial application by one year: 1st January 2022. This new standard will change significantly the accounting of insurance contracts and it is certain to impact every insurer on its financial reporting, processes, tools, systems, data management.

IFRS 17 represents the most significant change to insurance accounting in decades. Under the new standard, the measurement and accounting principles for insurance liabilities are fundamentally changed and will impact future performance indicators. Insurance companies now have less than three years in which to introduce the standard and anticipate the impacts which will affect every aspect of the organisation.

 

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Financial Services

Mazars has an established, international financial services practice with 1,500 dedicated specialists in over 40 countries. We work internationally to provide seamless, cross-border support to our clients – which include some of the world’s largest banking, asset management and insurance groups.

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IFRS Highlights: E' online il nuovo Mazars Insight

La presente pubblicazione contiene alcune novità particolarmente significative, in particolare una serie di interessanti decisioni di agenda pubblicate dall’IFRS Interpretations Committee. Inoltre, seguendo la decisione dello IASB di rivedere l’IFRS 17 – Insurance Contracts, viene dedicata una sezione apposita per indicare quali saranno i punti oggetto di emendamento da parte dell’organismo.

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