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A Transformation in Progress

Perspectives and approaches to IFRS 17

About this report

A new accounting standard, IFRS 17, is set to transform how organisations in most European countries and the UK report their financial outlook and risk exposure. It will require significant changes in how they manage balance sheets, including moving from a static profit-and-loss projection to fluctuating, predictive forecasting.

Delivering the required level of transparency while minimising the impact on day-to-day operations will seriously challenge insurers’ computational capabilities. Some systems will not be up to the task in their current state.

This paper sought the views of those in C-level, director and senior management roles about the cost of compliance, how prepared their organisations are for this transformation, how they plan to go about compliance and what the wider impacts will be for their business and the insurance industry.

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