News

Proposed IFRS 17 changes focus on reinsurance contracts

By Ryan Smith 13 Dec 2019 | Insurance Business

The International Accounting Standards Board (IASB) met Wednesday to deliberate some of the IFRS 17 changes proposed in the Exposure Draft (ED) based on stakeholder feedback. The IASB decided to defer discussions on the effective date of IFRS 17 until the extent and complexity of all amendments had been determined, expected at the end of February, according to a Willis Towers Watson report.

IFRS 17 providing value to insurance stakeholders

By Tinashe Mashoko | December 10, 2019 | Zimbabwe Independent

Something big is happening in the world of insurance company reporting. International Financial Reporting Standard (IFRS) 17 is a complex new reporting standard that has been in the making for the last 20 years. The standard is an overhaul of the current IFRS 4 and comes into effect in two years’ time.

Hong Kong Federation of Insurers urges postponement of IFRS 17

By Gabriel Olano | December 4, 2019 | Insurance Business

The Hong Kong Federation of Insurers (HKFI) has requested a two-year delay in the implementation of IFRS 17, to give its members more time to adapt to the global accounting standards regarding the reporting of accounts.

Prudential seeks to sell Korean insurance arm in estimated $2 bn deal

By Chaeyon Kim and Hugh YH Jeong | Deember 3, 2019 | Korean Investors

Prudential Financial Inc. has put its South Korean life insurance arm on the market, as the US insurance giant is seeking to shed part of overseas assets ahead of the 2022 implementation of US life insurance accounting reforms.

How to accelerate your analytics journey in the IFRS 17 world

By Jason Contant | November 21, 2019 | Canadian Underwriter

As the 2021 deadline for IFRS 17 implementation rapidly approaches, insurers would be well-advised to consider a data hub strategy to accelerate their journey to analytics, a speaker stressed last week at the Canadian Insurance Accountant Association’s Fall Technology Seminar.

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.

K-ICS to be Implemented in Stages

By Yoon Young-sil | Business Korea | June 28, 2019

The Financial Services Commission announced on June 27 that the Korean Insurance Capital Standard (K-ICS) as a new capital adequacy regulation will be introduced in 2022 as previously scheduled yet a grace period of 10 to 20 years will be given at the same time.Read More »K-ICS to be Implemented in Stages

JKL may need more capital for Lotte Insurance

By Park Hyong-ki | The Korea Times | May 21, 2019

JKL Partners, a local manager of private equity funds, may need to raise more capital from its investors for the acquisition of Lotte Insurance, according to industry sources.Read More »JKL may need more capital for Lotte Insurance

The technology implications of the IFRS 17

Moody’s Analytics Trevor Howes explores how insurers are studying the new IFRS 17 – Insurance Contracts and how successful implementation will depend on the cloud

May 16, 2019 | The Record

The International Financial Reporting Standard (IFRS) 17, which was published in May 2017 after more than a decade of discussion and debate, will dramatically change the financial reporting processes of insurers. Yet many insurers are still wrestling with the challenges of its implementation.

IASB unlikely to make IFRS 17 changes

The International Accounting Standards Board (IASB) is reluctant to make revisions to IFRS 17 amid fears that changes could disrupt existing implementation processes.

By Chris Seekings, The Actuary | October 26, 2018

At a meeting earlier this week, the board agreed that potential changes would be “narrow in scope”, with a number of members arguing against compromising core principles of the standard.

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