Insurance companies that are going to report based on IFRS 17 Insurance contracts, will face changes in the way they need to account for insurance contracts. This KPMG analysis is giving details about the steps taken by twelve global insurance companies on their journey to implement IFRS 17. These global insurance companies are ranging from small to large and complex insurance companies and as such represent industry perspectives across several dimensions.
This report will give insights into the considerations behind the implementation of the new standard and elaborates on the strategic decisions made by companies when implementing IFRS 17. Furthermore this analysis will compare the expected implementation costs faced by the companies which were subject to this study. As such this report can support insurance companies in decision-making about their cost options and roadmap.