Schedule P, Foreign Exchange and Intercompany Quotashare Pools: Results from a Survey of Casualty Insurance Companies

The Academy’s Committee on Property and Liability Financial Reporting identified two issues which might be producing inconsistent reporting on Schedule P, based on a lack of clear direction.  One issue dealt with the conversion of operations in foreign currencies to US dollars, and the other dealt with the reporting of results for Intercompany Quotashare Pools.  A survey was constructed with questions covering both issues and was distributed to 95 of the largest P&C insurers.  29% of those companies responded and their responses indicated the likelihood of at least some inconsistency in their practices on both currency conversion and the treatment of results from intercompany quotashare pools. (January 19, 2018)