Most insurers have been focusing on clarifying their own understanding of IFRS 17 and its potential impact on their business, the new data requirements it creates and the changes that it will mean for their systems. Clearly, insurers need to start thinking very soon about developing their programs of outreach and education on the new standard and its implications for investors and analysts ─ at the same time as maintaining progress towards implementation.
As a first step, insurers should be assessing the disclosure requirements as many IFRS 17 requirements are new or more specific than current ones. Insurers also need to ensure that they have the level of information necessary to satisfy the general disclosure objective. Examples of disclosure requirements now necessary due to IFRS 17 have been provided in the appendix. Read KPMG International's Illustrative disclosures for insurers guide to annual financial statements: IFRS 17 and IFRS 9 (PDF 2.85MB) for more detailed information on financial statements.