Ian E Dilks, PriceWaterhouseCoopers: The topic for discussion today is the development of international accounting standards for the insurance industry. Until recently, the insurance industry has been less proactive and so less successful than the banks in influencing the standard setting process. We will look at the reasons for this and then analyze some of the more complex issues facing us today.
Gerry Dickenson, The Geneva Association: Many of these issues arise from the fact that the IASB, and indeed the IASC before it, have had the theoretical preference in the long term for measuring all financial instruments at fair values, and because actuarial pricing and modelling is based on discounted cash flows, it was assumed that fair valuing insurance contracts would be easy.
Thanks for your interest in Euromoney!
To unlock this article:
