24 March 2023

Like Solvency II, it will take time to get comfortable with IFRS 17, say experts

How insurers and stakeholders can get comfortable with IRFS 17's key performance indicators and results will be explained by experts speaking at InsuranceERM's IFRS 17 conference next week.

The in-person conference will take place next Wednesday, 29 March, at Grocers' Hall in London.

Speaking to InsuranceERM in preparation for the event, one panellist said: "IFRS 17 is a bit like Solvency II, in that when we start reporting these numbers it is going to take some time for people to get fully comfortable with all the different drivers and results.

"You can do as much education and training as you like to go live. But it is going to take a few years from now for the board and all the people actually producing the numbers to understand all of the relationships and elements involved," they added.

The expert panellists will also discuss the internal preparations under way as they make the switch from IFRS 4 to IFRS 17.

"It very much depends on the team involved", explained one panellist. They also noted "it has been difficult to find the time to train people up because there are so many reporting requirements ... it has been tricky to even find the time to schedule employee training".

The role of auditors in the IFRS 17 conversation is another issue flagged by experts ahead of the event.

To view the IFRS 17 conference agenda and register to attend, please click here.