Insurance & Risk - Economos

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“With Australia’s insurance regulations in a constant state of flux, insurance companies need an accountant who can provide business advisory services all year long as well as at tax time."

Accounting and Tax Advisory Services for Insurance Companies

With over 35 years experience providing accounting and tax advisory services to insurance companies in Sydney, Economos’ accounting team knows what insurance companies need to keep up with the increased regulatory environment in their industry. Economos Group assists insurance companies minimise costs, improve cash flow, boost profits and provide the best service to their clients. Economos provides complete CFO services, accounting services, tax advisory services, and more--all customised to meet the custom requirements of each insurance company.

As the CEO or director of your Insurance company, you have enough on your plate without the challenge of handling the financial end of your business. Keeping up with changing regulations and finding custom policies that meet your clients’ needs best should be all you need to concern yourself with. When you engage Economos Chartered Accountants in Sydney to provide financial advisory services, you can depend on us for reliable financial reports. These reports can help you better understand your own financial landscape and plan for a better more prosperous future or avoid potential tax disputes. Tax advice can help you reduce your taxes legally and streamline your accounting processes helping you run your business more efficiently and profitably.

Our team keeps up with all the latest developments in the insurance industry and can help you with all the paperwork and strategies to handle IFRS 17 and other regulations that affect your accounting practices and tax burden. We take the time to learn about your agency and tailor our advisory service to your needs with a custom plan to lighten your accounting paperwork load and let you get back to helping your clients protect their lives, their property, and their businesses from life’s many risks.

CFO Advisory for Insurance Companies
Tax Advisory (Insurance)
Business Advisory (Insurance)
Process Advisory for Insurance Companies
Audit Services for Insurance Companies

With a wealth of experience heading financial matters for larger corporations, our CFO advisory team can help even smaller insurance companies with financing, short-term and long-term business growth strategies, helping your finance team find ways to save money and do their jobs more efficiently, and provide assistance in tackling challenging accounting tasks such as forecasting and budgeting to create a leaner, more efficient financial situation for your growing insurance business.

Insurance companies need tax advice by those who understand the uniqueness of their business model. We can help you meet your business tax requirements, quarterly tax payments, your indirect tax requirements, including GST, state and local requirements, and reporting issues related to employee tax matters, such as payroll tax. When end of year tax time is around the corner, Economos tax accountants can help you fill out and lodge your tax returns and any related paperwork to ensure you remain compliant with the ATO and also help manage any current ATO tax disputes.

Insurance is like no other industry. Not only does it respond to market conditions, but weather and other environmental conditions affect it as well, since it is in the business of mitigating risks for its clients. Our business advisory services can help your health, reinsurance, general insurance, and life insurance business make wiser decisions that can help reduce costs and increase profits and as a result may benefit your own customers with your business being able to offer lower insurance premiums. Whether it’s external or internal audits, analytics and outlook modelling, or advice on risk management, reporting, or governance, our insurance accounting business advisory team and services will be able to assist the growing needs of your insurance business.

Our insurance advisory team’s depth of experience in the insurance industry gives us the understanding to help you find innovative ways to streamline processes, measure performance, and manage your operations to improve your bottom line. We can help you with disputes and fraud investigations, risk management, and regulatory compliance.

Economos’ experienced audit teams are assurance professionals who know the insurance industry inside and out. We will create audit plans that give you a glimpse into how to best control vulnerabilities, take advantage of opportunities, and assure you that your company is on the right track towards proper compliance, loss mitigation, and risk aversion. We use the latest technology to give you an accurate view of your company, so you can take your insurance business to the next level to better serve your clients.

Contact our Specialists

Sam Perera

George Shahinian

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What Our Insurance Clients Have to Say

Andrew Sanders, Director

Our experience working with your company continues to be excellent and we are fortunate to have an accounting firm we can rely on and who provide a complete package to service our needs. Over the years your guidance and advice has been an integral and much appreciated part of our success. You are now gaining clientele of our children, so third generation are now heading your way.

Dr. George M Calfas

GMC Medical Clinics I am a very satisfied client for over 15 years now. Both Albert and George are highly professional, have the highest integrity and honesty, place my needs and interests foremost, I have implicit trust in them, know intimately my complex family and business structures such that I can call them any time for advice or to discuss any issues, address all my issues and needs promptly with precise attention to detail. I recommend them to friends as well as to members of my family.

Joe Fusca

"George Shahinian and his team really understand the industry we work in – Commercial fitout. He and Adrian are more than our accountants, they have also been our advisors on all financial matters since day one. My partners and I have always felt comfortable that they have our best interests at heart. They know what they’re doing and are always only a phone call away”.

Mr Mark Herdman

I have been a private client of Economos since I emigrated to Australia in 2004. They assisted me in setting up my Australian financial entities such as a Trust and corporate beneficiary, Self-managed Super Fund with corporate trustee and a partnership. Economos produce tax returns for these entities as well as for the five individuals in our family. They also produce annual financial statements for these entities. Throughout this period, Economos have provided us with a friendly, supportive, thorough, prompt and proactive service. They respond promptly to email or direct meeting requests and proactively contact us should there be a change in tax or superfund legislation with examples of the consequences and appropriate recommendations. We highly recommend Economos for any accounting and tax requirements.

Michelle Vint

Economos have been an invaluable and trusted partner to Regital from day one of setting up in Australia. Their extensive knowledge and pragmatic advise has helped us launch and scale a subsidiary in an environment very different to our home market. They have invested time to get to know us and our business and really get under the skin of our goals and objectives for growth, in turn meaning their services and scope of work have always matched exactly what our business needed at each stage of the journey. Adrian and Sebastian have personally provided us with excellent service, offering us the piece of mind that all regulatory matters are in hand so we can get on with running the company.