Does the insurance industry need new financial reporting model?

A recent report from PricewaterhouseCoopers indicates that many analysts who cover the insurance sector want substantial changes to insurance reporting standards.  These analysts expressed concerns about the framework of the current insurance financial reporting and inadequate disclosure of important information on financial statements.

Currently, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are reportedly working jointly to develop a single, new standard of reporting that will address recognition, measurement, presentation and disclosure requirements for insurance contracts, and provide investors with more useful information to make informed decisions.

All of the surveyed  American analysts, and over three-quarters from other parts of the world, believe that insurance should have its own reporting model, with more than half preferring a different standard for life and non-life insurance.  Those who prefer adoption of the new reporting standards said such a change would make it easier to compare the insurance industry with other industries.

What do you think? Does the insurance industry need new financial reporting standards or do the current methods work fine? Let us know.