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Navigating the New World

Insurers around the world share their progress, challenges and concerns implementing IFRS 17 and IFRS 9

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Insurance

The IASB’s long-anticipated insurance contracts standard – IFRS 17 – has finally been published, heralding fundamental changes to international insurance accounting. Once implemented, users of financial statements can expect increased transparency on the profitability of new and in-force business – offering greater insight into an insurer’s financial health than ever before.

The new standard brings both benefits and challenges for insurers. The date the new standard comes into effect is January 1, 2021 – That may seem a long way off, but the implementation effort required will be significant, and insurers should get started now.  

Highlights include:

  • Separate presentation of underwriting and finance results will provide added transparency about the sources of profits and quality of earnings.
  • Premium volumes will no longer drive the ‘top line’ as investment components and cash received are no longer considered to be revenue.
  • Accounting for options and guarantees will be more consistent and transparent.

This is a historic moment for everyone in the insurance industry. The waiting is over and it is imperative that insurers start to prepare themselves to implement IFRS 17 and ensure clear, concise and robust communication to shareholders, investors and other key stakeholders.

KPMG's IFRS 17 webcast series

KPMG International will be hosting a series of in-depth webcasts, starting on May 30th where our subject matter experts will walk through key aspects of the standard. Please contact insurance@kpmg.com if you would like to attend. Or contact your local KPMG office.

For further information on how KPMG member firms can help you and your organization prepare for implementation, please downlaod the report below

Navigating the new world

© 2018 KPMG Professional Services in Nigeria, a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.

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