INSURANCE
Insurance regulation has evolved with digital ways of working and changes in customer expectations, risk management practices, and global market integration. This is specifically true in South Africa, where the industry has experienced recent natural disasters, severe political and economic uncertainty as well as the introduction of the Insurance Act 18 of 2017 and the proposed implementation of IFRS 17: Insurance Contracts . The introduction of the Solvency Assessment and Management (SAM) legislation has placed further challenges on insurers to comply with capital requirements. With the promulgation of the Financial Sector Regulation Act in August 2017, the Twin Peaks approach to regulation has resulted in increased scrutiny of insurers by the Prudential Authority. The pace of technological change and shifts in consumer behavior in terms of flexibility and pricing of products has led to increased competition among insurers. Insurance models thus needs to be continually updated to remain relevant and customer-centric. Our teams can provide assurance, proactive advice and business services.We are ideally placed, locally and globally, to assist our clients navigate the latest financial, operational and regulatory risks. Our insurance credentials include life and linked life, short-term, casualty and cell-captives. To deliver high quality, relevant and cutting-edge service in this industry, BDO and its business partners can offer a skilled and experienced actuarial team, especially when it comes to the implementation and/or evaluation of IFRS17. Our services include the following: External audit and financial reporting Actuarial services Regulatory compliance Technology assurance and advisory Internal audit
SERENA HO FINANCIAL SERVICES SECTOR HEAD FOR INSURANCE E: sho@bdo.co.za T: +27 (0) 10 590 7329
Serena’s audit experience spans over 37 years. Serena completed her articles and worked at one of the big four firms for a period of thirteen years. During this period she gained invaluable exposure to listed and privately held clients in a broad spectrum of industries including life and non-life insurance, banking, retailing, construction and manufacturing. She has experience in both public listed and privately held entities and continues to service clients in both the life and non-life insurance sectors.
Serena is a member of the SAICA Insurance project group with participants from industry, the regulators and the audit and accounting profession.
Qualifications CA(SA)
BDO FINANCIAL SERVICES 14
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