Insight and Intelligence on the London & International Insurance Markets

9 February 2012

(Re)insurers contemplate major accounting shake-up

4 August 2010

Accounting rules for (re)insurers writing long-tail risks and using one of the two recognised international standards are likely to get more complicated.

The draft form of the International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB) will impose a more complex 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 life of a contract. "Exemptions [allowing insurers to...

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