By Chris Seekings | The Actuary | June 21, 2022
The global insurance industry is forecast to spend up to $24bn (£19.6bn) implementing the new IFRS 17 accounting standard, which is significantly more than was projected a year ago.Read More »IFRS 17 forecast to cost insurers up to $24bn
By Daniel Jackson | Reinsurance News | June 17, 2022
Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, according to a new survey by WTW.Read More »“Huge work” required before IFRS 17 goes live – WTW
By AIR team | June 13, 2022
In response to insurance companies’ declining risk-based capital (RBC) ratios following interest rate hikes causing an expanded level of losses on the valuation of bonds, the authorities have prepared a measure for providing a buffer to release a portion of surplus that insurance companies may recognise as available capital for calculating RBC ratios, says the Financial Services Commission (FSC) in a statement.Read More »South Korea: Authorities allow insurers a buffer to withstand falling local RBC ratios
By Jung Min-kyung | The Korea Herald | June 12, 2022
South Korea’s tech giant Kakao and financial giant Shinhan are set to launch online- and mobile-only insurers by next month to attract millennial and Generation Z customers with affordable and simple products.Read More »Kakao, Shinhan dive into online, mobile insurance market to lure millennials, Gen Z
By Lee Min-hyung | The Korea Times | June 12, 2022
Shinhan Financial Group is one step closer to starting a digital non-life insurance business after obtaining regulatory approval to incorporate BNP Paribas Cardif General Insurance as a new subsidiary.Read More »Shinhan set to launch digital non-life insurance business
By Jung Jun-sup | Business Korea | June 9, 2022
Given that decreased liability burdens amid an interest rate up-cycle are to be reflected in IFRS17-based financial statements, insurers’ share prices should strengthen once their IFRS17-method figures become visible in 2H22.Read More »Insurance: IFRS17 Expectations Growing Gradually Rosier
By Jack Willard | Reinsurance News | June 7, 2022
According to a new report from AM Best, the level of preparedness in the Middle East and North Africa (MENA) for IFRS 17 varies significantly by country and by insurer, ahead of the standards effective date of January 1st, 2023.Read More »Level of preparedness for IFRS 17 in MENA varies: AM Best
By Joan Mungai | The Actuary | June 1, 2022
Joan Mungai examines the practical challenges for Kenyan insurers when it comes to IFRS 17 implementation
IFRS 17 will come into effect from January 2023, and the countdown could not be louder for the Kenyan insurance industry.Read More »Obstacle course: IFRS 17 implementation challenges for Kenyan insurers
By Chris Seekings | The Actuary | May 18, 2022
The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies.
It is the first major standard adopted by the UKEB, which is responsible for the endorsement and adoption of international accounting standards following the UK’s departure from the EU.Read More »UK Endorsement Board adopts IFRS 17
By Yoon Young-sil | Business Korea | April 15, 2022
The Financial Services Commission (FSC) announced on April 13 that it has designated MG Non-Life Insurance as an insolvent financial institution.Read More »MG Non-Life Insurance Declared Insolvent