IFRS 17 – Peer Analysis | KPMG | NL

IFRS 17 – Peer Analysis

IFRS 17 – Peer Analysis

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.

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IFRS 17 peer analyses

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.

Highlights

  • Cost estimates for the implementation of IFRS 17 are still evolving;
  • Roadmaps for implementation follow a common pattern and are highly dependent on mandatory filling dates;
  • Roughly half of the companies have closely integrated IFRS 17 and IFRS 9 Financial Instruments implementation;
  • Many European and Asian entities are lobbying significantly. Efforts are focused on technical solutions to particular interpretation issues.
     

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