Navigating the world of insurance finance (With Stephen Brookson)

Welcome to Insurance Covered, the podcast that covers everything insurance.

In this episode Peter is joined finance and accounting expert Stephen Brookson, In this episode we delve into the intricacies of insurance finance, exploring how insurers assess profitability through premiums, claims, and financial metrics. They discuss the unique challenges of estimating costs in the insurance industry, the significance of claims as a major expense, and the complexities of accounting for reserves and loss ratios. The conversation highlights the importance of understanding revenue recognition and the operational costs associated with acquiring business in the insurance sector. This conversation delves into the intricacies of insurance finance, focusing on key metrics such as loss ratios, combined ratios, and the impact of reinsurance. The discussion also covers the recent changes brought about by IFRS 17, investment strategies employed by insurers, and the evolution of accounting practices in the insurance industry. The speakers emphasize the importance of understanding these concepts for better financial decision-making in insurance.

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