Get to grips with IFRS 17 challenges

Published in: Risk, Risk management, Corporate strategy, Regulation, UK, Rest of Europe, US - Canada - Bermuda, ROW, IFRS 17

Companies: Uniqa, Aviva, Allianz, Gjensidige Forsikring ASA, Generali

As firms delve deeper into their IFRS 17 projects and the implementation deadline looms, the enormity of the task ahead is becoming more and more apparent.

According to Erich Kruschitz, head of group finance of Uniqa, his IFRS 17 and 9 implementation is the “most cross-function project we’ve ever had” – and is expected to cost more than Uniqa’s Solvency II implementation.

Across the global, insurance groups are beginning their “dry runs” of IFRS 17 and 9 accounting and unearthing organisational and technical challenges.

IFRS 17 reader poll

InsuranceERM is currently asking readers in an online poll to list their biggest challenges with implementing IFRS 17.

As it currently stands, the majority (55%) say the biggest challenge is choosing or developing the technology solution.

Finding experienced staff comes second at 45%.

In third place, 27% of people say deciding on the approach to transition is the third largest challenge to implementing IFRS 17.

To add your vote, visit the homepage

For others, decision-time is approaching for their choice of technology, while debates around how to make the transition are ongoing.

InsuranceERM’s IFRS 17 conference on 27 February in London will offer a practical advice and insights from dozens of insurers on how to achieve smooth implementation of the insurance accounting standard.

The event, sponsored by Moody’s Analytics and IBM, will be held at Clothworkers’ Hall in London.

More than 120 delegates are expected to attend conference and it will provide an opportunity to benchmark with peers and to work towards an industry alignment in the way firms interpret and implement IFRS 17.

The keynote panel will discuss the repercussions of the recently announced one-delay to the adoption deadline.

On the panel will be Jo Clube, group technical accounting director at Aviva; Remo Cavegn, finance program director at Allianz; Simen Gaarder, group chief actuary, at Norwegian insurer Gjensidige Forsikring ASA; and Massimo Tosoni, head of group accounting policy and reporting and group own funds at Generali.

Other areas of discussion will include:

  • The interplay between IFRS 17 and IFRS 9
  • Developing an IT strategy for IFRS 17 that goes above and beyond compliance
  • Understanding the impact of IFRS 17 on reinsurance strategies
  • Role of the risk team in IFRS 17
  • Approach to transition: understanding the interplay of choices and the long-term

Ronan McCaughey