The financial and operational implications from adoption of IFRS 17 will vary by entity. However, the new standard is expected to bring about pervasive changes for insurers, especially in the areas of:
- Liability measurement
- Profit recognition
- Data requirements
- Operations and systems
- Reporting timetable
- Product strategy
“Gearing up for a paradigm shift - Are you prepared for IFRS17?” explains the implications of this new reporting standard for insurers and regroups some key learnings from some of the early adopters.
The following paper is an overview of the key features of IFRS 17, the challenges and learning points, as well as suggestions on how insurers can pragmatically approach the implementation of the new standard.