You are a member of the compliance team of JA Ltd, an insurer that underwrites a diverse portfolio of property insurance

Very recently a major storm occurred, which is anticipated to produce a significant volume of high-value claims for JA Ltd. The Head of Compliance has asked you to prepare a briefing on the challenges of the recent storm for JA Ltd's next annual accounts

These accounts are due to be finalized in two months' time. Your briefing should focus on the regulatory requirements and the financial reporting standards.

Discuss two challenges for JA Ltd, following the storm, in meeting the regulatory requirements and financial reporting standards.