Risky Business: Principles of Auditing Property and Casualty Insurance

People work hard to achieve certain goals in life, such as owning property or building a business. The property and casualty (P&C) insurance industry provides coverage through a vast array of complex contracts to help individuals and companies manage their risks of loss.

Author Seth Davis leverages his experience as an underwriter, claim adjuster, and auditor to incorporate best industry practices. The book addresses operational, compliance, and financial risks and controls, and several chapters include helpful audit program steps.

In-depth components of insurance auditing include:

• Underwriting
• Premium processing
• Claims
• Regulatory oversight
• Accounting and reporting
• Enterprise risk management

Internal audit can effectively add value within an insurance company by helping it manage the risks and maintain compliance with laws and regulations. To add value, however, it is important that internal auditors have a good understanding of the industry.

About the Author:

Seth A. Davis, CIA, CPA, CPCU, CFA, CISA, is vice president of internal audit services at RLI Insurance where he oversees the internal audit department and the Sarbanes-Oxley assessment process, business continuity planning, and model risk governance. He has published articles in Fraud Magazine, FSA Times, and Internal Auditor. He received the ACL North American Impact Award for work in data analytics and continuous auditing.