Accounting for insurance contracts? PwC can help you navigate the existing and new accounting for insurance contracts by insurance and reinsurance entities. Insurers are likely to face major changes as they implement FASB’s new standard on long-duration insurance contracts.
COVID-19, consumers and coverage: Survey shows what insurance buyers want now
As the COVID-19 pandemic continues, we’re learning a lot more about how insurance customers are being affected. We surveyed 6,000 US consumers from May 22 to June 6, 2020 to get a snapshot of their attitudes about and experiences with insurance. Our survey uncovered the potential influence of COVID-19 on service preferences, loyalty to carriers, and attitudes toward auto, homeowner, life, dental and vision coverage, as well as retirement.
LDTI: New measures, new perspective
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) has the potential to significantly impact the stability and trajectory of how profits are reported over the lifetime of insurance contracts. LDTI not only will impact companies’ financial statements, but also the key performance indicators (“KPIs”) they use to run their businesses and that shape how analysts and investors evaluate them. As companies progress with their implementation efforts, their focus is starting to shift from the impact on net income and total equity to a broader range of KPIs.
FASB affirms deferral of long-duration standard
The FASB has reaffirmed its decision to defer the effective date of the long-duration contracts standard by one year for larger SEC filers and two or three years for others. A final Accounting Standards Update is expected in November.
What the end of LIBOR means for the insurance industry
The industry faces the most profound overhaul in global finance in years. Firms can turn this high-stakes transition to their advantage.
