Published: Sep 11, 2014
Source: Peninsula Qatar

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Focus on evolving insurance rules

KPMG in Qatar held a seminar on evolving insurance regulation yesterday in which the speakers focussed on the evolving insurance regulations in Qatar and globally, risk management best practices. Experts also elaborated about how risk managers can use techniques such as stress and scenario testing and economic capital management.

Yacoub Hobeika, Partner from 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. “We have seen lots of developments coming from the International Association Insurance Supervisors, Qatar Central Bank and the Qatar Financial Centre Regulatory Authority which have had a positive impact on the sector,” said Hobeika.

David Kirk, head of the Actuarial Practice for KPMG in South Africa shared insights from global perspective, tools and best practices in evolving regulatory environment. “With so much regulatory change and advancement in risk management practices, insurers in the Qatar and the wider region need to decide where to focus their attention first. While Internal Economic Capital Models can provide useful insights into risk and capital management, they can also be complex, expensive and unwieldy,” said Kirk. 

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

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