Recognizing insurance claims related to COVID-19
Hot Topic | April 2020
Guidance on when to recognize insurance recoveries, as well as measurement, presentation and disclosure requirements.
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Companies may hold business interruption, event cancellation or workers' compensation insurance policies. KPMG highlights when insurance recoveries can be recognized, as well as measurement, presentation and disclosure guidance.
Key impacts
- Not all insurance policies may cover COVID-19 related losses and costs.
- Insurance recoveries are recognized only when specific criteria have been met, which can be as late as when the claim is settled.
Report contents
- Background
- Understand policy coverage
- Determine when to recognize recoveries and gains
- Other accounting considerations
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Meet our team
Valerie Boissou
Partner, Dept. of Professional Practice, and US-France Corridor Leader, KPMG US
Rika Tanaka
Managing Director, Dept. of Professional Practice, KPMG US
Valerie Boissou
Partner, Dept. of Professional Practice, and US-France Corridor Leader, KPMG US
Rika Tanaka
Managing Director, Dept. of Professional Practice, KPMG US