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The guidance on accounting and financial reporting for insurance claims cost and contract liabilities is ASC 944-40. If the fair value option is elected, the guidance in ASC 825-10 should be followed.
Guidance in ASC 825-10 grants an option to measure many financial instruments and certain other assets and liabilities at fair value on an instrument-by-instrument basis. Insurance contracts are generally financial instruments that are eligible for the fair value option under ASC 825-10-15-4(a). Insurance contracts that are not financial instruments, because they provide goods or services rather than cash settlement, are also eligible for the fair value option if they meet both characteristics under ASC 825-10-15-4(d). See FV 5.3, for discussion of fair value measurements.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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