Insight

Insurers: COVID-19 Financial reporting and other considerations

What is the impact on your business?

Michael Lammons

Michael Lammons

Partner, KPMG’s Insurance Accounting Change Co-Lead , KPMG US

+1 404-222-3390

Laura Gray

Laura Gray

Principal, KPMG’s Insurance Accounting Change Co-Lead , KPMG US

+1 404-222-3388

Similar to most industries around the world, the spread of COVID-19 is causing insurance companies unprecedented challenges and disruptions, which introduces impacts on many aspects of the business, both directly and indirectly. As a result, the insurance industry is rapidly executing on evolving strategies in an effort to reduce adverse economic impacts while remaining attuned to heightened government, public, and social pressures and maintaining regulatory compliance. The article addresses the potential impact to all sectors within the insurance industry and considerations on the implications for insurance specific activities, including financial reporting and regulatory changes, and actions management can take to address the changing environment.