IFRS 17

News

InsuranceERM's Technology Guide 2020-21 is launched and ready to use

The directory covers over 100 products used by insurers for risk, capital and asset management

UK sets stage for endorsing IFRS 17

Accounting standards board appoints ex-PwC partner Pauline Wallace as chair

Efrag likely to give IFRS 17 final endorsement advice by March

Draft advice due to be issued next month

Singapore insurtech chooses Moody's Analytics for IFRS 17 implementation

Singlife will use RiskIntegrity as well as Moody's Scenario Generator

Efrag members split over annual cohorts in IFRS 17

EU accounting body to debate issue in coming weeks

Deloitte warns of problematic EU version of IFRS 17

European insurers fight to fix annual cohorts

Insurers' capitalisation might be lower under IFRS 17

But the amended standard is unlikely to prompt insurer rating changes, says S&P

New Zealand regulator updates insurers' solvency return requirements

Solvency projections to be required with and without capital movements

Most supervisors rule out IFRS 17 usage for regulatory solvency purposes

IMF/BIS paper concluded most surveyed jurisdictions see no justification to change existing requirements

Taiwanese insurers to adopt international solvency regime in 2026

Regulator has come up with a phased approach for gradual implementation

Analysis

The cloud is a silver lining amid Covid-19

Covid-19 has put to bed any doubts about the use of cloud technology for risk and capital management. The pandemic will also drive more sophisticated risk modelling, as Ronan McCaughey discusses in his review of key trends in the risk software markets

IFRS 17's neglected questions: the risk adjustment and confidence levels

Andries Beukes discusses with Cintia Cheong the findings of an investigation into how insurers are planning to calculate their IFRS 17 risk adjustment and confidence level

IASB issues final version of IFRS 17

The deferral of implementation to 2023 and the reinsurance accounting changes are most welcomed by insurers. Cintia Cheong reports

The key decisions in Samsung Life's journey to IFRS 17 implementation

Samsung Life's Jeong Hyeok Park and Deloitte Korea's Byoung Shin tell Cintia Cheong how the insurer is implementing the new accounting regime and what they make of the recent amendments to the standard

Choosing KPIs for IFRS 17

IFRS 17 is bringing a fundamental change in the accounting of re/insurance contracts for more than a thousand insurance entities around the world. Milena Lacheta and Wijdan Yousuf explain what analysts, rating agencies and auditors are thinking about measuring performance under the new standard

Actuarial recruitment: a pause for the pandemic

Cintia Cheong reports on the how the actuarial job market in the UK is faring amid the coronavirus pandemic, the IR35 tax changes and the implementation of IFRS 17