CECL impact on insurance companies
ASC 326, the current expected credit loss (CECL) standard, has substantially changed how entities, including insurers, estimate credit losses on financial assets measured at amortized costs.
Our top risks for financial services firms in 2024
We have identified and ranked the key risks for financial services business leaders in 2024 based on market research, regulatory insights as well as our assessment of the current difficulties facing firms. We discuss in this article the key takeaways...
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How insurance can mitigate risks of cyber attacks
Everyone can be a target of cyber attacks, from large corporations and government institutions to small businesses and individuals. With the threat increasing, insurers have developed products for businesses to provide protection – in fact, cyber is one of the fastest growing lines of business for insurers.
US insurers' journey implementing IFRS 17
The International Financial Reporting Standard 17 (IFRS 17) for Insurance Contracts represents a significant shift in the accounting landscape for insurance companies. Developed by the International Accounting Standards Board (IASB) and implemented in January 2023, IFRS 17 aims to enhance transparency, comparability and understanding of insurers' financial statements.