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Financial Services the South African Insurance Industry Survey 2016 Business unusual Financial Services The South African Insurance Industry Survey 2016 July 2016 kpmg.co.za The South African Insurance Industry Survey 2016 | c Beyond the ordinary Video killed the radio star, sang the one-hit wonder band, These are the four factors that must be considered, implemented The Buggles. and embraced if insurance players want to make a notable difference in a market, where innovation has not always been at The song predicted and lamented how technology was the forefront, and the market is becoming more saturated. changing everything and is often used to suggest a big The landscape is changing and this must inspire to innovate and shift underway in an industry1. We are all familiar with the to conduct business unusual. diffusion of innovation model – but why are there only 2.5% innovators and 50% remain behind the curve? Diffusion of Innovation Model Typically there are four factors that amplify innovative 100 disruption in a sector: 90 80 – a new entrant refocuses on customer needs to address 70 an existing issue with a product or service; 60 50 34% 34% – the new entrant usually uses a technology enabler to 40 30 16% gain the advantage over the incumbent; 20 13.5% 10 2.5% – the nature of the disruption was not foreseen and so 0 regulations are absent or insufficient; and Innovators Early adopters Early majority Late majority Laggards – the availability of well-funded investors with an appetite Essential marketing models http://bit.ly/smartmodels for risk2. 1 http://www.702.co.za/features/110/business-unusual 2 http://www.702.co.za/features/110/business-unusual The South African Insurance Industry Survey 2016 | 1 Introduction 3 Sold on SAM A message for the uninitiated 5 ORSA requirements and global insights 11 South Africa’s weak economy and its impact on the insurance industry 21 Is Tax Risk Management important 27 Psychology and behavioural economics of insurance 31 Disruptions in the reinsurance market 41 Takaful – same same but different 45 The impact of blockchain on the insurance industry 49 Would the application of the premium allocation approach result in business as usual? 53 Will IFRS 9 impact insurers 69 The changing face of financial advice (RDR) 75 Privacy and wearable technologies – a POPI dilemma? 79 KING IV – the new frontier in governance for South Africa 83 Regulatory and reporting requirements – Insurance and Banking Sector 87 Short-term Insurance Industry results 94 Long-term Insurance Industry results 116 Reinsurance Industry results 136 Epilogue 153 contents 2 | The South African Insurance Industry Survey 2016 ALL FAILURE IS FAILURE TO ADAPT, ALL SUCCESS IS SUCCESSFUL ADAPTATION. Max Mckeown The South African Insurance Industry Survey 2016 | 3 Antoinette Malherbe Director and Editor, Financial Services Tel: +27 83 458 8484 Introduction Email: [email protected] Insurance Survey 2016 It is with great pleasure and pride that the 2016 KPMG Allocation Approach – try to read this article first thing in Insurance Survey is unveiled. In this edition, we were the morning with a strong cup of coffee. It is also time to Gerdus Dixon determined to match the spirit of innovation, which has face your IFRS 9 fears – our IFRS 9 article does an impact Director, been embraced by the local insurance industry during analysis for the insurance industry. National Head of Insurance the year. Tel: +27 82 492 8786 If blockchain is keeping you up at night, and you don’t Email: [email protected] We have included 14 pieces of thought leadership that know where to spend your Bitcoins, we might have some specifically focus on various aspects touching the industry. answers for you. Have you ever considered while pacing up Our connectivity with the market has ensured that the and down what actually happens to the information on your thought leadership that we share in this issue is topical, Fitbit and who has access to it? Then take a breather and interesting, inspiring and most importantly, what you want enjoy the article on this topic. to read. Whether you are interested in business, regulatory, As always, we have included and analysed the financial tax or accounting topics – we have it covered in this edition. results for the year gone by for the short-term insurance, Our regulatory topics this year focus on aspects around long-term insurance and reinsurance industries. SAM, RDR and the ORSA. We explore the benefits of SAM We have made every effort to ensure that the content in for the industry, we evaluate some global insights around this publication is fresh, relevant and thought provoking. the ORSA and we discuss the changing face of financial We trust that you will find this publication insightful and advice. we invite you to contact us should you require any additional On the accounting side, we explore the impact of IFRS 4 information or assistance. Phase 2 by ways of a detailed example using the Premium LIFE IS NEITHER STATIC NOR UNCHANGING. WITH NO INDIVIDUALITY, THERE CAN BE NO CHANGE, NO ADAPTATION AND, IN AN INHERENTLY CHANGING WORLD, ANY SPECIES UNABLE TO ADAPT IS ALSO DOOMED. Jean M. Auel The South African Insurance Industry Survey 2016 | 5 Sold on SAM: Derek Vice Senior Manager, A message for the uninitiated Financial Services Tel: +27 82 711 2519 Email: [email protected] One of the pleasures of being an auditor and consultant is the exposure to a cross section of the insurance industry – from large personal lines and commercial specialists to small and niche players, we get to meet them all. One thing that has stood out from these interactions is the multitude of opinions regarding the necessity for Solvency Assessment Management (SAM). Many industry players still see it should be inspiring confidence in SAM is immediately increasing the compliance with SAM as a tick-box the insurance sector and empowering certainty of those future cash flows, exercise, and some as a waste of progressive change. In my view, SAM translating to more value. Quite simply, resources. is beneficial to the policyholder, the SAM is making the South African shareholder, management, the board insurance industry more valuable to I will be honest - I am a big fan! and the employee – it is obviously the investor. Having grown up in the changing advantageous to us as the consultants, world of regulatory reporting, having You might fear that all this emphasis on considering the costs associated with experienced the transition from risk will result in a reduction of returns. SAM implementation.2 the arbitrary 10 percent capital In the classic adage, “higher risk is requirement and seven percent short- For the investor: risky investments - associated with a greater probability of term incurred but not reported (IBNR) made less risky a higher return.”3 provision, to risk-based capital and best On 31 December 2015 the market estimates, I think we are operating in capitalisation of the JSE listed This is the function of the Own Risk a better regulatory environment than insurance sector securities was and Solvency Assessment (ORSA), ever before. Although some people R517.3 billion. The value of these which should be examining the have described SAM as “poppycock.”1 investments is a function of the future risk and return payoff in light of a I would like to share my reasons for cash flows - normally in the form of predefined risk appetite. An insurer believing that, although SAM might not dividends - and the certainty of those intentionally underwrites the right be Super, Amazing and Magnificent, future cash flows. By managing risk, risk and manages, mitigates or avoids 1 “Creating a blind bureaucracy to lead insurers over the edge” – www.timeslive.co.za 2 By the way, according to the Economic Impact Study (EIS) the industry estimated SAM implementation would cost around R2.5 billion. 3 www.economictimes.com 6 | The South African Insurance Industry Survey 2016 unwanted risk - such as catastrophe risk or poor This is useful information, especially as many of credit risk. these risks are things that can be managed. Such management can be achieved with reinsurance Appropriate risk disclosure allows the investor or, for market risk, other risk mitigation techniques to understand the type of risks their funds are such as derivatives. exposed to, this allows for a more conscious allocation of resources within the market. For the foreign investor: not so foreign after all Furthermore, appropriate measures of performance With the looming risk of a credit rating downgrade against a risk appetite will reveal to the investor for South Africa, attracting foreign direct whether their funds are being managed within the investment is proving to be difficult. It would be promised structures. even tougher if South Africa were lagging the QIS 3 results indicated that 61 percent of the international community in terms of insurance market risk in the balance sheet of non-life insurers regulation. Similar risk-based capital regimes are IT IS NOT THE STRONGEST OF arose from equity on their balance sheet (with being developed in most of our direct competitors market risk contributing about 46 percent of the in the international community – Brazil, Russia, basic solvency capital requirement). Assuming this India and China. The SAM framework aligns to best THE SPECIES THAT SURVIVE, was an individual insurer, the investor could now standards of international prudential regulation. ask some meaningful questions: Each working group has compared the topic of their team to the practices of the European NOR THE MOST INTELLIGENT, – If I am investing in a short-term insurer, is it Union and, in many cases, to the practices of the really to get equity exposure? Canadian and Australian authorities, to name a – Why is market risk such a significant component few.
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