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.
Initially, insurance companies sought partnerships with reinsurers to obtain protection or funding for the risks they endorsed. The role of reinsurance has continued to grow by offering a growing range of products: risk coverage, financial solutions (especially life), or specific products for a better capital management of ceding companies.
In addition, due to low interest rates, the insurance-linked securities (ILS) market has continued to grow. Reinsurers contribute significantly by promoting special purpose vehicles (SPVs) that issue death or catastrophe bonds. This type of product offers high returns since coupons are much higher than risk-free rates.
Mazars' insurance teams conducted a survey of 10 major global reinsurance companies, as well as put a great emphasis on their financial communication from 2017.
The purpose of this benchmark study is to provide readers with a comparative view on disclosures undertaken on specific matters of attention or specific events of the year such as NAT CAT events, as well as the impact of the US tax reform.
4 key scopes of the study
Discover our full study below
Benchmark study on reinsurers' financial communication.pdf
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.