How To Fix AA059 - Insurance type & does not exist (Create this type)

SAP Error Message - Details

• Message type: E = Error

• Message class: AA - Messages for Asset Accounting

• Message number: 059

• Message text: Insurance type & does not exist (Create this type)

What causes this issue?

Inusrance type &V1& is not defined.

System Response

The system cannot determine the insurable values without an insurance
type. No further processing of insurable values is possible.

How to fix this error?

Define the insurance type &V1& you have entered again and enter the
correct control parameters.

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.

Smart SAP Assistant

• What is the cause and solution for SAP error message AA059 - Insurance type & does not exist (Create this type) ?

  The SAP error message AA059, which states "Insurance type & does not exist (Create this type)," typically occurs in the context of Asset Accounting (FI-AA) when you are trying to process an asset that has an insurance type that has not been defined in the system.
  
  Cause:
  The error is triggered when:
  
  An asset is assigned an insurance type that is not available in the system.
  The insurance type may have been deleted or not created in the configuration settings.
  There may be a typo or incorrect entry in the asset master data regarding the insurance type.
  
  
  Solution:
  To resolve this error, you need to create the missing insurance type in the system. Here are the steps to do that:
  
  
  Access the Customizing Menu:
  
  Go to the SAP Easy Access screen.
  Navigate to SPRO (SAP Project Reference Object) > SAP Reference IMG.
  
  
  
  Define Insurance Types:
  
  Follow the path: Financial Accounting (New) > Asset Accounting > Master Data > Define Insurance Types.
  Here, you