IFRS 17 Consulting Services

IFRS 17, effective January 1, 2022, will have a profound impact on global P&C, Life, and Health insurers and reinsurers. The standard will impact the entire enterprise and likely change business models; and will be more complex, costly and burdensome than previous regulations. Thus it is prudent for affected companies to ensure that a transition program is completed as soon as possible.

Intent of IFRS 17

IFRS 17 is intended to achieve greater transparency within the insurance industry, resulting in presumed benefits such as helping consumers make more informed decisions, and facilitating easier and more reliable analysis and comparisons by professional firms, investors and regulators.

Key IFRS 17 Requirements

Granularity of Reporting: IFRS 17 sets requirements on the level of granularity measurement at which principles and recognition should be applied; first grouping contracts with similar risks that are managed together; grouping contracts by profitability; and finally grouping according to contract inception date.