Integrated Reporting applies principles and concepts that are focused on bringing greater cohesion and efficiency to the reporting process, and adopting ‘integrated thinking’ as a way of breaking down internal silos and reducing duplication.The Framework has been tested and assessed during these past three years and significant ‘breakthroughs’ have been achieved. Our present paper, therefore, aims to illustrate the insurance industry trends and marks the end of the “Breakthrough Phase”.
Our benchmark has been performed on a panel of 20 corporate reports published by insurers and reinsurers in 2016, with the objective to obtain a balanced representation of the market in terms of activities, typologies of the documents and geographical location. The panel of 20 reports is split into the same 3 categories as in 2015 (integrated reports, management reports that include CSR elements and strictly financial reports).
We have based our analysis on a qualitative benchmark. Reporting practices maturity has been analysed through an assessment matrix inspired by the International <IR> Framework, complemented with Mazars’ insights on financial and pre-financial1 reporting practices approved by the <IR> Insurance Network participants during workshops performed in 2014/2015.
This benchmark study was created to assess how the 2015 panel of companies pursued the shift towards integrated reporting, what improvements were made and which could be made in the future. Considering the relatively small size of our panel, the study does not aim to report the actual percentage of each practice but rather to identify trends and key features in reporting by current insurers and reinsurers.
Interested to find out more about the publication? Download the full study below.
Integrated Reporting: Towards a Global Adoption?
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Jean-claude Pauly Partner, Global Head of Insurance - Paris, France
Reinsurance, also known as the “ insurers’ insurance ”, plays a key role in the global market economy today. Several factors, such as the strengthening of capital requirements, the increasing level of significant NAT CAT events or the need for optimal coverage is increasing the need for reinsurance.
The new standard IFRS 9 on financial instruments has been effective starting 1st January 2018 for most entities but insurance groups have the possibility to defer its application to 2021, the year when the new standard IFRS 17 on insurance contracts will enter into force.