IFRS 17 And 9 For Insurers
4most has implemented IFRS changes for numerous clients in the banking sector and uses this invaluable experience to aid clients throughout financial services industries, including insurance.
The insurance sector specifically is faced with several fundamental challenges from the implementation of IFRS 9 and IFRS 17 in 2021, replacing the interim standard of IFRS 4.
We can help address these challenges that our clients face with:
Understanding and implementing the new calculations (which are Principle based and can be interpreted) on past, current and future business
Data issues of storage, manipulation and granularity
Modelling systems being adequate and fast enough for the deadlines
Explanation of the new results to internal stakeholders as well as the external market
Unknown future interactions that could occur during unprecedented economic situations and/or other regulatory changes
Ensuring the new regimes are suitable and adequately address their own goals.
- Insurance overview