Reporting in insurance

Reporting Policy — a policy that states premium based on the actual reported exposures. The insurer must report values to the insurer periodically.

What is Solvency II reporting?

Solvency II is the prudential regime for insurance and reinsurance undertakings in the EU. It has entered into force in January 2016. Solvency II sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries.

What are reserves in insurance?

In any case, insurance carriers are required to maintain a reserve of money, often called a claims reserve, to account for claims asserted against their insureds. Generally, a claims reserve is money that is set aside for the future payment of incurred claims that have not yet been settled.

What is financial reporting in accounting?

Financial reporting typically involves the issuance of financial statements, which include the income statement, balance sheet, and statement of cash flows. There may also be accompanying footnote disclosures, which include more detail on certain topics, as prescribed by the relevant accounting framework.

What does surplus mean in insurance?

Surplus — the amount by which an insurer's assets exceed its liabilities. It is the equivalent of "owners' equity" in standard accounting terms. The ratio of an insurer's premiums written to its surplus is one of the key measures of its solvency.