BusinessCompany NewsAnalysts demand better reporting for insurance

Analysts demand better reporting for insurance

Research reveals belief that financial reporting for insurance is inconsistent

City

Demands have been made on the International Accounting Standards Board (IASB)
that it move quickly to improve financial reporting for the insurance industry.

Research
for PwC
reveals widespread dissatisfaction among analysts with the current
state state of insurance financial reporting, the firm claimed.

Ian Dilks, global insurance leader at the firm, said:”Feedback from global
insurance analysts is clear; they believe the current reporting situation is
harming the insurance industry and they are calling for the IASB and the FASB to
come to a conclusion and quickly.

“The desire for a swift solution is especially strong among life insurance
analysts IFRS.”

The research project saw interviews with more than 40 analysts across Europe,
the US and Australia. The key problem they see is that a lack on consistency in
reporting is leading to the undervaluation of insurance companies.

Many analysts believe that insurance was so distinct it required its own
reporting structure.

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