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. Interna! 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. 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. Seth provides an overview of the industry and P&C coverages, followed by in-depth components of insurance auditing, including:

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

The legal environment of the 1nsurance industry is complex and changes quickly. Risky Business will assist both new and experienced internal auditors with the1r assurance and advisory work when auditing P&C insurance organizations.