IFRS 17 and the Value of Reinsurance: An Opportunity in the Challenge
October 22, 2019 | GC Capital Ideas
International Financial Reporting Standard (IFRS) 17, issued by the International Accounting Standards Board, is the new financial reporting standard for insurance contracts that will replace the current rules of IFRS 4 and will become effective on January 1, 2022. IFRS 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting. Key aspects of strategic and operational management may be affected. The new rules for reinsurance may have numerous unintended consequences and some traditional reinsurance products may require modification in order to remain highly effective as capital and volatility management tools, according to Vasilka Bangeova, Managing Director, Strategic Advisory, EMEA, Guy Carpenter.
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