Insurance

The Spanish insurance sector is facing an important modernization process to assimilate the changes introduced in its regulatory framework by Solvency II.

These changes introduced by Solvency II refer mainly to the new solvency capital requirements, higher and with exaggeratedly complex calculation formulations; new reporting requirements to the Supervisor and public information (such as the Report on the financial situation and solvency of the entity); and new Corporate Governance requirements: professionalization, efficiency, transparency, strategic approaches, management and self-assessment of risks and Solvency (O.R.S.A.).

Now that these requirements have been assumed by insurance companies since the entry into force of Solvency II, their main challenge is to integrate them into their management system so that they are useful for the achievement of their strategic objectives.

BDO's teams in the Insurance area have in-depth knowledge of insurance techniques and have extensive experience in their application, having held management positions in entities in the insurance market:
 

• Areas of corporate or strategic advice: internal audit, design or redefinition of the business project, internal control and risk management, processes of adaptation to Solvency II, review of the efficiency of the management of its strategic plans, regulatory compliance, valuation of portfolios and companies, adaptation to IFRS 2017, etc.
• Special Report on the Review of the Report on Financial Condition and Solvency. Visit site.
• Actuarial advice: Actuarial function, pricing, reserving, reinsurance plans, product creation, O.R.S.A. Financial and actuarial analysis.
• Business areas: commercial network management, performance management, mergers, acquisitions and takeovers.