A global standards body has proposed a one-year delay to implementing its new accounting rule aimed at increasing visibility in how insurers earn money.

A spokeswoman for the International Accounting Standards Board (IASB) said that at a meeting on Wednesday the IASB backed a 12-month delay to January 2022.

The insurance industry had called for introduction of the rule to be delayed until 2023. There will be a public consultation on the proposed delay.

Last month insurers from across the world called for a delay and amendments to the rule that has been 20 years in the making and aimed at prising open a “black box” of national practices.

IASB rules are used in over 100 countries, including the European Union, but not in the United States.

The IASB spokeswoman said the board was likely to discuss in December whether actual amendments to the new rule were needed.