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The Implication of Fair Value Accounting for General Insurance Companies

Author

Listed:
  • Clark, P. K.
  • Hinton, P. H.
  • Nicholson, E. J.
  • Storey, L.
  • Wells, G. G.
  • White, M. G.

Abstract

The International Accounting Standards Board is undertaking a project to develop an Accounting Standard for Insurance. The basis for these proposals is that assets and liabilities should be shown at fair values (market values for quoted instruments). This is an updated version of a paper, prepared by a Working Party established by the General Insurance Research Organisation (GIRO) of the General Insurance Board of the actuarial profession of the United Kingdom, which was first presented to the GIRO Conference in October 2002. This paper summarises and comments upon the principal features of the proposals as they have emerged up to February 2003. The paper considers the implications for general insurance companies of these proposals. In particular, it examines the concept of market value margins, and the practical issues that insurance companies are likely to encounter in implementing them. The emphasis of the paper is on reporting for general insurance business, although many of the principles apply equally to life assurance.

Suggested Citation

  • Clark, P. K. & Hinton, P. H. & Nicholson, E. J. & Storey, L. & Wells, G. G. & White, M. G., 2003. "The Implication of Fair Value Accounting for General Insurance Companies," British Actuarial Journal, Cambridge University Press, vol. 9(5), pages 1007-1044, December.
    • Handle: RePEc:cup:bracjl:v:9:y:2003:i:05:p:1007-1044_00
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    Cited by:

    1. Thomas Post & Helmut Gründl & Lisa Schmidl & Mark S. Dorfman, 2007. "Implications of IFRS for the European Insurance Industry—Insights From Capital Market Theory," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 10(2), pages 247-265, September.
    2. Li Jackie, 2010. "On Modeling Diversification Benefits in Insurance Portfolios--An Australian Perspective," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 4(2), pages 1-45, July.

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