DOHA: More than 40 senior professionals from Qatar insurance sector converged on Sunday to receive an update on regulatory and financial reporting developments.
Hosted by KPMG, the global audit, tax and advisory firm, the seminar updated the recent insurance regulatory and accounting developments and, how this will impact local and international insurance companies in Qatar.
KPMG Qatar’s partner and head of insurance, Yacoub Hobeika formally opened the seminar. Rob Curtis, Global Regulatory Lead and Director, Insurance Risk Advisory, KPMG in the UK, and Adeel Mushtaq, Senior Manager, Insurance Audit and Advisory Services, KPMG in Bahrain, were among others who made presentations.
Hobeika said: “It is important to mutually share the responsibility amongst the auditors, regulators and the insurance Companies, towards implementing the latest global developments in the Insurance industry.”
“It is time to start serious actions on all the levels in order to stay updated and applying the latest developments in terms of standards and regulations for insurance companies in Qatar,” added Hobeika.
Curtis said: “Considerable regulatory change is now occurring globally — insurance firms that take early initiatives will achieve greater efficiencies.”
“Impact of changes will affect every facet of the business; therefore, Insurers must take a holistic approach in their business planning.
“Those insurers best able to manage change will succeed – human capital will become an increasingly valuable commodity,” added Curtis.
Mushtaq provided an update on IASB insurance contract and AAOIFI Takaful contract projects and highlighted that upcoming changes are based on similar central model for the liability measurement using current estimate of fulfilment cash flows.
Mushtaq said: “Key challenge for GCC insurers is to manage the differing timelines, interdependences and alignment of the change over the period of three years, beyond systems and for business synergies.”
“A comprehensive review plan to identify practices can add genuine value to the business, and can derive real benefit out of what may otherwise be viewed as simply a compliance exercise e.g. setting of risk appetites and subsequent linking to strategy and business plans,” Mushtaq added.
The seminar discussed how the changes in regulatory and accounting environment will impact the insurance companies in Qatar and what steps should these companies take to prepare itself now.
The Peninsula
