TABLE OF CONTENTS TABLE OF CONTENTS 2 LIST OF TABLES 6 LIST OF FIGURES 8 ACRONYMS AND ABBREVIATIONS 9 ACKNOWLEDGEMENTS 12 FOREWORD 13 SYNOPSIS 14

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2 TABLE OF CONTENTS 1 TABLE OF CONTENTS 2 LIST OF TABLES 6 LIST OF FIGURES 8 ACRONYMS AND ABBREVIATIONS 9 ACKNOWLEDGEMENTS 12 FOREWORD 13 SYNOPSIS 14 CHAPTER 1 28 The INSETA and its Skills Plan for the Insurance Sector Introduction The INSETA Sector Skills Plan Development Process Skills Levies and Grants Mandatory Grants and the Skills Development Levies Discretionary Grants The Inseta Projects The Introduction of Pivotal Grants into the Insurance Sector Plans for Skilling the Insurance Sector under the New Quality Assurance Framework New Education Training and Quality Assurance Landscape, and Partnerships Sector Profile The Insurance Subsectors and Employers in the Sector Employee Provincial Spread Racial Breakdown in the Sector Occupational Class by Age Distribution of Employees by Gender and Disability Professionalisation of the Insurance and Related-Services Sector Concluding Remarks 59 CHAPTER 2 62 SECTOR SKILLS PLAN 2014 Page 2 Formatted: Font: 6 pt, Bold 1 SECTOR SKILLS PLAN 2014 Page 2

3 Economic Outlook, Performance, and Drivers of Change Introduction Impact of Structural Changes on Sector Skills Needs within the Insurance Sector Global Insurance: Vast Potential Employment in South Africa Macro-Economic Outlook Strengths, Weaknesses, Opportunities, and Threats and Risk Analysis Market Segmentation Subsectors of the Insurance and Related-Services Industry Short-Term Insurance Long-Term Insurance Health Care Benefits Retirement Funds and Pension Funds Investment and Unit Trusts Funeral Insurance Reinsurance and Alternate Risk Transfer Risk Management Regulation Social Media and Technology Drivers of Change Towards Regulation Changes in the Insurers Business Models Intermediaries Shake-up Increased Focus on the Consumer More and New Entrants Claims Non-Sector-Specific Drivers of Change HIV/AIDS Longevity Unemployment Sector-Specific Drivers of Change Customer Behaviour Micro-Insurance Motor Insurance Presidential Infrastructure Plan Concluding Remarks 88 CHAPTER 3 90 Skills Supply and Demand in the Insurance and Related-Services Industry Introduction The INSETA Sector Skills Plan Research Methods The Supply of Skills Supply of Skills from Secondary Schools, and Further Education and Training Institutions Supply of Skills from Tertiary Institutions Supply of Skills from the INSETA Education Training and Quality Assurance Training Interventions for the Supply of Skills into the Insurance Sector and its Impact The Demand for Skills Demand for Skills According to PricewaterhouseCoopers and the INSETA Industry Analysis Skill Shortages pointed out in the 2012 INSETA PESTEL Report Supply and Demand Dynamics for Specific Occupational Fields Concluding Remarks 114 CHAPTER Scarce and Critical Skills 118 SECTOR SKILLS PLAN 2014 Page 3

4 4.1 Introduction Scarce and Critical Skills Reported in the Insurance Sector The Management Category The Sales Workers Category The Clerical and Admin Workers Category Summary of Scarce and Critical Skills Reported Critical Skills Top Prioritised Critical Skills Critical Skills Emerging from the 2020 Landscape Concluding Remarks 136 CHAPTER Strategic Development Relevance of National Development Plans, Policy Documents and Government Priorities for INSETA s Sector Skills Plan Sector skills plan objectives determine programmes in the Inseta strategic plan Strategic Goal 1: A Credible Institutional Mechanism for Skills Planning (NSDS III 4.1) Performance Indicators and Targets Strategic Goal 2: Access to Occupationally Directed Programmes (NSDS III 4.2) Performance Indicators and Targets SSP objectives and Inseta s indicative budget Strategic Goal 3: Better Use of Workplace-Based Skills Development (NSDS III 4.5) Performance Indicators and Targets Strategic Goal 4: Training and Support Provided to Sector Co-operatives, Small Enterprises and Non- Governmental Organisations (NSDS III 4.6) Performance Indicators and Targets Strategic Goal 5: Building Career and Vocational Guidance Performance Indicators and Targets Strategic Goal 6: Organisational Effectiveness Performance Indicators and Targets Conclusions 158 CHAPTER Implementation Plan Memoranda of Understanding Reflecting Partnerships The Following Memoranda of Understanding are concluded or are Still under Negotiation Impact of actors from other Setas bearing on Inseta strategic objectives Strategic Partnerships within the Insurance Sector Impact of the INSETA Sector Skills Plan on the Direction of the Strategic Plan Operationally Achieved Credible Institutional Mechanism: Skills Planning in the Insurance Sector Strategic Goal 1: A Credible Institutional Mechanism for Skills Planning (NSDS III 4.1) Performance Indicators and Targets Resource Consideration: Strategic Goal 2: Increased Access to Occupationally directed Programmes _ Articulation of the wealth management career pathway Partnerships with universities TVET colleges to provide bursaries in scarce and critical skills Key Developmental and Transformation imperatives Resource Considerations Strategic Goal 3: Encouraging Better Use of Workplace-Based Skills Development Resource Considerations Strategic Goal 4: Encouraging and Supporting Co-operatives, Enterprises, Worker- Initiated, Non-Governmental and Community Training Initiatives Resource Consideration Strategic Goal 5: Building Career and Vocational Guidance Resource Consideration Strategic Goal 6: Organisation Effectiveness 173 SECTOR SKILLS PLAN 2014 Page 4

5 6.9.1 Justification: Executive Office Resource Considerations Recent and Forthcoming Projects: Outline of INSETA Project Plan Impact studies to address skills needs Skills Programmes for Workers Skills Programmes for small businesses and cooperatives (burial societies) nationally Skills programmes for unemployed youth Human Capital Research Project for the Short-Term Insurance Industry Actuaries Development Project Learnerships Internships Bursaries for workers in Broker Development Programme Bursaries for youth not in employment Quality Learning Capacitation Project The SME Training Vouchers Project How does INSETA achieve the priorities of relevant pieces of legislation with respect to transformation? An Overview with respect to Partnerships with Public Further Education & Training Colleges as discussed in Chapters 5 & Pivotal Programmes linked to the National Qualifications Framework Concluding Remarks Conclusions 188 LIST OF REFERENCES 189 ANNEXURE B: DEMAND FOR SKILLS Demand for Skills Demand for Skills Demand for Skills Demand for Skills ANNEXURE C: THE RELATIONSHIP BETWEEN NEED ESTABLISHED, STRATEGIES IDENTIFIED AND ALIGNMENT TO NATIONAL SKILLS DEVELOPMENT STRATEGY GOALS AND PRINCIPLES 206 SECTOR SKILLS PLAN 2014 Page 5

6 LIST OF TABLES Table 1-1: Medium and large company employees in the insurance sector between 2012 and Table 1-2: Medium and large company employees in the insurance sector between 2013 and Table 1-4: Medium and large company, and small company change in employees in the insurance sector in Table 1-5: Employment category versus race comparison for medium and large companies present in both the 2012 and 2013 WSP database (1-1a) Table 1-6: Small company employees in the insurance and related-services sector between 2012 and Table 1-7: List of levy and non-levy payers registered with the INSETA between 2010 and Table 1-8: Small, medium and large levy and non-levy-paying organisations (employers) in the insurance and related-services sector between 2010 and Table 1-9: Number of employees within small, medium, and large registered levy-paying organisations sampled between 2010 and Table 1-10: Employee spread (percentage) over the nine provinces between 2011 and Table 1-11: Employee spread (numbers) over the nine provinces Table 1-12 Employee spread over the 9 provinces in Table 1-13: Branches and employees reflecting the provincial spread Table 1-14: Training across provinces and employment categories Table 1-15: Racial breakdown in the managers and professionals occupational categories Table 1-16: Employment category versus age comparison for medium and large companies present in both the 2012 and 2013 WSP database Table : Distribution of male and female employees in medium and large levy-paying companies Table 1-18 Distribution of male and female employees within small levy paying companies Table 1-19: Gender analysis for medium and large companies present in both the 2012 and 2013 WSP database Table 1-20: Business priorities for 2012 and Table 1-21: Impact of legislation on your business Table 1-22: Medium & Large Companies Table 1-22: Small companies Table 1-23: Organisational statistics from employers Table 1-24: Turnover statistics broken down by standard industrial classification codes Table 1-24 (cont.): Turnover statistics broken down by standard industrial classification codes Table 2-1: Biggest drivers of revenue growth for the next one to three years (starting at 2012) Table 2-2: Strengths, weaknesses, opportunities and threats analysis of the insurance sector Table 2-3: Challenges preventing the adoption of a formal risk policy Table 2-4: Key foci of the enterprise risk management programme Table 2-5: South African insurance market segmentation: percentage share Table 2-6: Short-term insurance companies Table 2-7: Top 10 environmental, social and governance risks Table 2-8: Barriers to growth in the insurance sector Table 2-9: Long-term insurance companies Table 2-10 Two polar positions Table 2-11: Ability to seize opportunities from regulatory change Table 2-12: Types of regulatory changes impacting business the most Table 2-13: Life expectancy in South Africa by age Table 2-14: Mean values of success influencing factors of business success Table 2-15: Causes of road crashes and associated percentages Table 3-1: The number of candidates enrolled for the NSC examination from 2010 to 2012 (part-time and full-time) per province Table 3-2: The number of full-time and part-time candidates who enrolled and wrote the 2012 NSC per province in Table 3-3: The INSETA's total submissions to the National Learner Record Database (NLRD) as at August 2013 since the inception of the INSETA Table 3-4: Learnership intake for Table 3-5: Learners in learnerships by province in Table 3-6: Comments on the impact of training on the organisation Table 3-7: The most popular skills training reported by medium and large companies in the insurance sector (for 2013) Table 3-8: The most popular skills training reported by medium and large companies in the insurance sector (for 2012) Table 3-9: Scarce and critical skills against the OFO codes Table 3-10: April 2011 planned training versus 31 March 2012 actual training completed Table 3-11 Pivotal Planned Trained Beneficiaries Table 3-12: 1 April 2012 planned training versus 31 March 2013 actual training completed Table 4-1: Amount allocated to the INSETA s Scarce and Critical Skills Programme Table 4-2: The top 10 critical skills demanded for Table 4-3 Identified Critical Skills SECTOR SKILLS PLAN 2014 Page 6

7 Table 4-4 Top 10 scarce skills for Table 4-5 Top 10 scarce skills for Table 4-6 Top 10 scarce skills for Table 4-7: Top 10 critical skills in the management category Table 4-8: The Top 10 critical skills in the professional category Table 4-9: Top three critical skills in the sales workers category Table 4-10: Top 10 critical skills in the clerical worker category Table 4-11: Critical skills required Table 4-12: How many workers are INSETA stakeholders going to train using PIVOTAL programmes for and for large and medium companies Table 4-13: How many workers are INSETA stakeholders going to train using PIVOTAL programmes for and for small companies Table 5-1: Amount allocated to INSETA Small and Micro-Enterprises Table 6-1: Establishing of a credible institutional mechanism for skills planning in the insurance and related-services sector Table 6-2: Increased access to occupationally directed programmes Table 6-3: Encouraging better use of workplace-based skills development Table 6-4: Encouraging and supporting co-operatives, small enterprises, worker initiated NGOs and community training initiatives Table 6-5: Building career and vocational guidance Table 6-6: Strategic objectives to achieve Strategic Goal SECTOR SKILLS PLAN 2014 Page 7

8 LIST OF FIGURES Figure 1-1: Programmes funded through discretionary grants Figure 1-2: Racial representation in the sector from 2011 to Figure 1-3: Number of employers registered with the INSETA by SIC code for Figure 1-4: Employee racial breakdown Figure 1-5: Racial breakdown in the managers and professionals occupational categories (percentage) Figure 1-6: Age distribution of employees in relation to occupational categories from the registered INSETA small, medium, and large levy-paying organisations sampled Figure 1-7: Distribution of males and females in the registered INSETA levy-paying small, medium and large organisations Figure 1-8 Percentage distribution of males and females in large and medium levy-paying companies during Figure 1-9 Percentage distribution of male & female employees in small levy-paying companies during Figure 1-10: Disability by race in medium and large levy-paying employers (%) Figure 1-11: Disability by race in small levy-paying employers (%) Figure 1-10: Measuring productivity in the sector Figure 1-13: Measuring productivity in the sector Table 2-10 Two polar positions Figure 2-1: HIV mortality rates Figure 3-1: External recruits Figure 3-2: External Black versus White recruits represented Figure 3-3: Learners in learnerships by race in Figure 3-4: Learners in learnerships by gender for the 2011 to 2012 financial year Figure 3-5: Internship spread per province in Figure 3-6: Educational level by age in Figure 5-1: Diagrammatic representation of policies and frameworks in relation to skills development Figure 5-2: Percentage of completion and employment for 2012 learnerships Figure 5-3: Completions and employments statistics for 2010 internships Figure 5-4: Completion and employment statistics for 2011 internships SECTOR SKILLS PLAN 2014 Page 8

9 ACRONYMS AND ABBREVIATIONS Acronym ABET ADM AgriSETA APP ART ASISA ATR BASA B-BBEE BEE BI BMI BTEC CATHSSETA CBO CEO CETA CHIETA CIO COI COIDA CPA CPI DB DC DEA DEDT DHET EC ERM ESG ETDP ETQA FAIS FET FIA FICA FP&M FPI FSB FSC GCSE Description Adult Basic Education and Training Advanced Diploma in Management The Agricultural Sector Education and Training Authority Annual Performance Plan Alternative Risk Transfer Association for Savings and Investment of South Africa Annual Training Report Business and Systems Analysts Broad-Based Black Economic Empowerment Black Economic Empowerment Business Information Business Monitor International Business and Technology Education Council Culture, Art, Tourism, Hospitality and Sport Sector Education and Training Authority Community-Based Organisation Chief Executive Officer Construction Education and Training Authority Chemical Industries Education and Training Authority Chief Information Officer Conflict of Interest Compensation for Occupational Injuries and Diseases Act Consumer Protection Act Consumer Price Index Defined Benefit Defined Contribution Department of Environmental Affairs Department of Economic Development and Tourism Department of Higher Education and Training Economic Capital Enterprise Risk Management Environmental, Social and Governance Risks Education, Training and Development Practices Seta Education Training and Quality Assurance Division Financial and Advisory Intermediary Services Act Further Education and Training Financial Intermediaries Association Financial Intelligence Centre Act Fibre Processing and Management Financial Planning Institute Financial Services Board Financial Services Charter General Certificate of Secondary Education SECTOR SKILLS PLAN 2014 Page 9

10 Acronym GDP GET GWP HESA HET HRD-SA ICT IFRS ISA INSETA IT JSE KPI LGSETA LPE LSM MerSETA MI MICT MoU MQA MTSF NDP NGO NGP NHI NLPE NLRD NQF NRF NSC NSDS NSF NSFAS NSSF NT OFO PFMA PIB PICC PIVOTAL POA PVNBP PWC QCTO QLFS Description Gross domestic product General Education and Training Gross written premium Higher Education South Africa Higher Education and Training Human Resource Development Strategy for South Africa Information and Communications Technology International Financial Reporting Standards Insurance Institute of South Africa Insurance Sector Education and Training Authority Information Technology Johannesburg Stock Exchange Key Performance Indicator Local Government Sector Education and Training Authority Seta Levy-Paying Employer Live Standards Measurement Manufacturing, Engineering and Related Services Sector Education and Training Authority Micro-Insurance Media Information and Communication Technologies Memorandum of Understanding Mining Qualifications Authority Medium-Term Strategic Framework National Development Plan Non-Governmental Organisation New Growth Path National Health Insurance Non-Levy-Paying Employer National Learner Record Database National Qualifications Framework National Research Foundation National Senior Certificate National Skills Development Strategy National Skills Fund National Student Financial Aid Scheme National Social Security Fund National Treasury Organising Framework for Occupations Public Finance Management Act Personal Information Bill Presidential Infrastructure Co-ordinating Commission Professional, Vocational, Technical and Academic Learning Principal Officers Association Present Value of New Business Premiums PricewaterhouseCoopers Quality Council for Trades and Occupations Quarterly Labour Force Survey SECTOR SKILLS PLAN 2014 Page 10

11 Acronym RDP RE ROI RPL SAADP SAIA SAM SAQA SARS SASCO SBF SCM SDA SDLA SETA SF SIC SIP SME SMME SSP TCF UNISA UWC VNB W&R Seta WSP Description Reconstruction Development Programme Regulatory Exam Return on Investment Recognition of Prior Learning South African Actuaries Development Programme South African Insurance Association Solvency Asset Management South African Qualifications Authority South African Receiver of Revenue Service South African Standard Classification of Occupations School of Business Finance Supply Chain Management Skills Development Act Skills Development Levies Act Sector Education and Training Authority Strategic Framework Standard Industrial Classification Code Strategic Integrated Project Small and Medium Enterprises Small, Medium and Micro-sized Enterprises Sector Skills Plan Treating Customers Fairly University of South Africa University of the Western Cape Value of New Business Wholesale and Retail Seta Workplace Skills Plan SECTOR SKILLS PLAN 2014 Page 11

12 ACKNOWLEDGEMENTS We extend our appreciation to the members of the Skills Division research team for their support of, and dedication to the development and finalisation of this 2014 Sector Skills Plan (SSP). Special thank you is due to the Insurance Sector Education and Training Authority (INSETA) sector skills planning committee members and the INSETA Board sector skills planning task team for their guidance and support. Further to the INSETA Chief Executive Officer (CEO) - Ms Sandra Dunn, the Chief Operations Officer - Ms Sharon Snell, and the management and skills planning division staff for their contributions to the finalisation of this plan. In particular, the sector professional bodies and industry associations, such as the South African Insurance Association (SAIA), the Insurance Institute of South Africa (ISA), the Financial Intermediary Association (FIA), and the South African Underwriting Association (SAUMA), who provided us with valuable input with respect to the human capital short-term research project. We acknowledge with gratitude the information that we have received from the Labour Market Intelligence Project consortium. Last, but not least thank you, to the SETA support directorate at the Department of Higher Education and Training for introducing the concept of Sector Skills Plan cluster meetings. Yours in skills planning, research and development, Adeline Singh Manager: Skills Planning, Research, and Development SECTOR SKILLS PLAN 2014 Page 12

13 FOREWORD It is with pleasure that I present the Insurance Sector Education and Training Authority s (INSETA s) Sector Skills Plan (SSP). Through the strategic guidance of the INSETA Board, and partnerships with the insurance and related services sector and government agencies, the INSETA has been able to provide opportunities to thousands of learners in need and has, at the same time, addressed the requirements as set out in the National Skills Development Strategy lll (NSDS III). The INSETA is positioning itself to become an authority on labour market analysis in the Insurance Sector. To achieve this goal, we must develop an SSP with a strong employer-led process and ownership of the SSP vesting in the insurance and related services sector. The SSP for 2014 has made great strides towards articulating the collective needs of both levy and non-levy paying institutions. Going forward, we hope to see the SSP set out an agreed sector strategy to address skills needs. The INSETA, in turn, has a central role to play in supporting the insurance and related-services sector to meet its needs in terms of skills development and training. The INSETA strategy aligns with the government strategic objectives adopted in 2009, as the Medium-Term Strategic Framework (MTSF), with emphasis on the four strategic priorities, for example, to strengthen the skills and human resource base. The INSETA has also aligned its strategy with the Department of Higher Education and Training (DHET) goals and the NSDS lll. All these focus areas are underpinned by a sharp focus on achieving the fundamental transformational imperatives linked to class, race, gender, age, geography, disability and the HIV/AIDS pandemic in our society. We are convinced that the changes that the SETA support directorate are proposing, with respect to the Sector Skills Plan framework, will, in future, make a value contribution to Sector skills planning. We have no doubt that this SSP will become the key plan for skills forecasting and development within the insurance and related services sector. Yours in skills development, Sandra Dunn INSETA CEO SECTOR SKILLS PLAN 2014 Page 13

14 SYNOPSIS Chapter 1 focuses on the relationships between the Insurance Sector Training Authority (INSETA), and its stakeholder constituency, viz. the insurance sector. This chapter shows that INSETA funds five programmes - youth development and education, scarce and critical skills, small and micro enterprise, development and research, and benchmarking - through discretionary grants that we prioritise in terms of the level of funding.. We discuss and compare the new and old skills levy allocations, and highlight the introduction of pivotal grants and associated funding to the INSETAINSETA milieu. PIVOTAL refers here to professional, vocational, technical, and academic learning programmes. The increasing emphasis on the above programmes is a consequence of the bulk of discretionary grant funding is allocated to these programmes. The central focus of these programmes is on National Qualification Framework (NQF) registered qualifications that are associated with scare and critical skills within the Insurance Sector. Examples of pivotal programmes are the Higher Certificate in Short-Term Insurance, and the Insurance Institute of South Africa (ISA) Programme in Advanced Insurance Practice. We further highlight developments under the new quality assurance landscape namely, the Education and Quality Assurance (ETQA) Function has shifted towards the Quality Council for Trade & Occupations (QCTO) our ETQA division has contributed input to developing a national best practice model for quality assuring occupational qualifications new draft policies are compiled in collaboration with the QCTO these policies range from skills provider accreditation policy to external integrated summative assessment policy, and the ETQA is also developing new occupational qualifications in cooperation with the QCTO. We view the profile of the Insurance Sectors from a number of complex and differentiated variables: a comparison of large/medium companies from 2012 and 2013 of occupational categories broken down by race measured change of number of employees for large, medium and small companies broken down by occupational group and race during 2013 a comparison of the number of employees within identical large/medium employers between 2011 and 2012, and 2012 and 2013, broken down by occupational group and age a measure of racial representation in the insurance sector between Black versus White employees a comparison between the 2012 and 2013 workplace skills plan databases for small employers of the number of employees broken down by occupational group and race a list of levy and non-levy payers broken down by standard industrial classification (Sic) code between the number of small, medium and large levy-paying and non-levy paying employers registered with INSETA between a comparison of the number of employees in small, medium and large registered levy-paying organizations between the percentage number of employers registered with INSETA by standard industrial classification (Sic) code during 2013 a comparison of percentage provincial employees spread within the following year bands: , 2011 and 2012, and a provincial breakdown of employees by province for 2014 branches and employees reflecting provincial spread; occupational categories broken down by provinces a comparison of racial breakdown in the insurance sector between managers and professionals broken down by race, and occupational class by age bands for 2013 occupational categories broken down by age bands analysed from identical companies in the 2012 and 2013 databases a comparison of employees broken down by gender for the years 2011, 2012 and 2013 race broken down by gender for identical medium and large companies present in the 2012 and 2013 workplace skills plan databases, and disability broken down by age in medium and large levy-paying companies for SECTOR SKILLS PLAN 2014 Page 14

15 With regard to the legislation and Insurance Sector, business priorities defined in terms of pieces of legislation ranging from COI to TCF, are numerically ranked - from highest to lowest - from priorities one to three, and is expressed as percentages. We break down organisational statistics ranging from retrenched to non-compliance (RE) are by standard industrial classification (SIC) codes. The corresponding percentages of the total are calculated. The productivity for companies in the Insurance Sector for 2014 is expressed in terms of a measure of an increase or decrease in productivity. In Chapter 2, economic outlook, performance and drivers of change is discussed in relation to both the African and global markets. The subsectors of the insurance and the related services sector are outlined and included: short-term insurance, where the aspects focus on the incidence of employment within this classification code the impact of brokers and intermediaries, and the incidence (number) of short-term policyholders. The change in these measures from 2012 to 2015 is further analysed. The success of the short-term industry is evaluated in terms of gross written premiums expressed in millions of rand value for the period 2010 to The measure of insurance impact is further expressed in terms of three key ratios - claims ratio, acquisitions cost ratio, and expense ratio. Another measure is the underwriting margin. One area of short-term insurance is motor insurance where it is highlighted that a minority of vehicles are insured in the South African context, and that South Africans pay the highest insurance premiums in the world. Proposed interventions include making road safety education a component of the school curriculum to using outsurance points men. We identified the environmental, social and governance (ESG) risks that affect the short-term insurance industry. In addition, we further identified the barriers to growth in this industry. Various factors reflect the measured growth of the long-term insurance industry and include the following: an increase in the number of branches and growth in the number of brokers and intermediaries Group International Financial Reporting Standards earnings group return on average equity group embedded value profits value of new business written and the margins on new business for Group International Financial Reporting Standards earnings for 2010 to 2012, are total comprehensive income and return on average equity. The performance of the long term insurance business, 2010 to 2012, is measured by the present value of new business premiums (PVNBP), embedded value of new business (VNB), value of new business margin, and average payback period. We discuss various aspects of insurance financial reporting. The Pillar III reporting uses regulatory data to report on performance. There are divergent views on the exclusive use of the Solvency Asset Management model, viz. some insurers only use this model while other insurers use their own capital market economic model. Pillar III reporting is concerned with detailed insurers risk profiles and placing them in the public domain. We highlight that solvency asset management links performance, capital, and risk metrics. You can use two alternative approaches, or a hybrid view, to complement solvency asset management. This involves either developing an alternative capital and risk framework, or using local regulatory approaches to address capital and risk, or a combination of these two approaches. Both these approaches have two separate sets of questions that we need address. The first; approach raises questions that focus on aspects such as solvency asset management data being a binding constraint alongside other regulatory, or rating views to the type of metrics that will be used to assess capital and performance. Developing local regulatory approaches for addressing SECTOR SKILLS PLAN 2014 Page 15

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