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Five challenges for insurers from coronavirus
The insurance industry plays a key role in helping individuals and businesses deal with shocks. The covid-19 health and economic crisis has far reaching ramifications for the industry as well as the individuals and businesses it supports. ICAEW’s Zsuzsanna Schiff outlines five areas of challenge.
Until very recently insurers and their auditors have been concentrating on closing the books for December 2019. As the events following the coronavirus outbreak are considered non-adjusting post balance sheet events, the 31 December 2019 year-end figures (including technical reserves) do not reflect them.
The narrative disclosures (SFCR) will still have to describe the circumstances, assumptions and why directors believe the business is still a going concern.