KPMG seminar focuses on evolving insurance regulations, best practices

Robust reinsurance programmes, stress testing frameworks and asset liability management processes can lead to a higher return on investment in the insurance sector, according to KPMG Qatar.

“With so much regulatory change and advancement in risk management practices, insurers in Qatar and the wider region need to decide where to focus their attention first,” David Kirk, who heads the Actuarial Practice for KPMG in South Africa, yesterday told a seminar, organised by KPMG in Qatar.

The seminar focussed on the evolving insurance regulations in Qatar and globally, risk management best practices and how risk managers can use techniques such as stress and scenario testing and economic capital management.

Assessing the maturity of the organisation’s risk management framework and identifying the right areas to improve next is key to risk management that is useful to the business rather than only meeting a regulatory requirement,” according to him.

Yacoub Hobeika, partner in KPMG in Qatar, explained that the impact of international and regional reforms, put in place over the past few years following the global financial crisis six years ago, has been immense and has directly affected insurers.

Adeel Mushtaq, senior manager for KPMG in Qatar and a regional insurance expert, shared his views on evolving insurance regulations, implications for insurers in Qatar and how best to adopt a target operating model.

More than 25 attendees participated in the event, including chief risk officers, general managers, heads of risk management and risk and compliance personnel from the Qatar Insurance sector. KPMG, a leading firm in providing thought leadership and expert advice to the insurance sector.