IFRS 17 and IFRS 9 transition for insurers | KPMG | AU
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IFRS 17 and IFRS 9 transition for insurers

IFRS 17 and IFRS 9 transition for insurers

Analysing the progress made by global insurers as they implement IFRS standards one year in.

Analysing the progress made by global insurers as they implement IFRS standards one year.

With the publication of IFRS 17, insurers are now embarking on a journey to implement and operationalise the new standard alongside IFRS 9. As we work with insurers to analyse what the standards mean for their business and how best to implement them, the one question we hear most often is “How does my progress compare with my peers?

To help answer this question, KPMG International launched a periodic series of benchmarking surveys. The data has provided insurers with insights that have been helpful in their planning. To continue to support insurers with valuable data-driven insights as they progress along their implementation journey, we are pleased to announce the launch of our second benchmarking report – In it to win it: feedback from insurers on the journey to IFRS 17 and IFRS 9 implementation one year in. We gathered, analysed, and benchmarked data from 160 insurance companies across 30 different countries to understand how insurers have advanced since our last report.

“The scale of what needs to be done to comply with IFRS 17 is only now becoming apparent to the companies that have delved most deeply into the details of IFRS 17. So if you haven’t started your transition project yet, you should do so now” says Briallen Cummings, IFRS 17 Actuarial Lead Partner, KPMG Australia.

 

Key findings and call to action

  • Time pressure is already becoming acute – there is a vast amount to do.
  • The organisations that are furthest along with their projects (generally, larger insurers) are the ones feeling the time challenge the most – the more they do, the more they realise how hard the task is and how much work is involved.
  • While working on implementation, the leading insurers are seeking to optimise systems and processes at the same time in order to reap longer-term, enterprise-wide benefits too – though recognising that this may take longer than 2021.
  • Smaller insurers have done the least to date – many of them urgently need to engage and get started.
  • Australian insurers are generally slower to get started than their international counterparts.

 

The journey to implementation is not easy, the time for action has come and the only way to make progress towards implementation is to start doing it.

You have to be in it to win it.

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