Accounting Firms for Insurance Businesses
Insurance companies, agencies, and brokers deal with complex accounting standards like SAP, GAAP, and IFRS 17—not to mention reserves, investment income, and regulatory filings. Find accounting firms who understand the intricacies of the insurance industry, from statutory reporting to risk-adjusted financials. Need to outsource something else? Search for proactivefinancial advisorsandfractional CFOson Sam’s List too. Make sure to check the reviews, it’s one of the most important parts of your vetting process!
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How to Find an Accountant for Your Insurance Business
Whether you're running an insurance agency, brokerage, or carrier, your accountant should understand SAP, GAAP, loss reserves, and compliance reporting. Look for financial pros who’ve supported other insurance businesses and can help you stay compliant, file with confidence, and manage long-term capital strategy.
FrequentlyAsked Questions
Do insurance companies need accountants?
Yes. Insurance companies rely on accountants to manage statutory financial statements, ensure regulatory compliance, oversee reserves, and track investment income—all of which are vital to financial health and licensing requirements.
What kind of accounting do insurance companies use?
Most insurers in the U.S. use Statutory Accounting Principles (SAP), which prioritize solvency and regulatory transparency. Public insurers must also follow Generally Accepted Accounting Principles (GAAP) for SEC reporting.
What does an insurance accountant do?
Insurance accountants manage the recording and reporting of premiums, claims, reserves, reinsurance, and investment income. They also handle regulatory filings and ensure compliance with SAP and GAAP standards.
What is the difference between statutory and GAAP insurance accounting?
SAP is focused on an insurer's ability to meet its obligations, while GAAP measures profitability and financial performance over time. Most insurance companies must reconcile both sets of standards.
What is accountant insurance called?
Professional liability insurance for accountants is called Errors and Omissions (E&O) insurance. It protects accounting professionals against client claims related to mistakes or negligence in financial services.
What type of accountant is best for an insurance business?
A CPA with experience in insurance accounting is ideal—especially one familiar with SAP, GAAP, loss reserving, and regulatory reporting. Firms like Johnson Lambert and others that specialize in the insurance sector are often a strong fit.
Not sure who’s right for your insurance business? Answer a few quick questions, and we’ll introduce you to someone who fits.
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