(Re)insurers contemplate major accounting shake-up
Accounting rules for (re)insurers writing long-tail risks and using one of the two recognised international standards are likely to get more complicated, following proposed changes announced today (2 August).
The draft form of the International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB) will impose a more complex accounting model for longer-tail risks.
The new methodology involves a shift from recognising profit over the exposure period towards recognising profit over both the exposure and claims payment...
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