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Insurance Insights December 2021

Brian Morrissey, Head of Insurance, and our insurance team have compiled a collection of KPMG's latest publications and articles which focus on developments in, and issues facing the insurance industry. Also included are recent publications from the CBI, EIOPA, and other European bodies.

KPMG Updates

Global IFRS webcast

As you may be aware, our Global IFRS team recently held a webcast, The pressure is rising – making the most of the limited time until IFRS 17 is effective. If you missed the webcast or were not able to view the full program, please see below for a link to the replay.

This webcast shared insights from KPMG International’s latest web publication The pressure is rising: Feedback from leading insurers on the frontline of the IFRS 17 implementation, which is available for your review.

Webcast highlights include:

For many insurers getting ready for IFRS 17, configuration and systems integration testing is taking longer than planned, reflecting the complexities of IFRS 17, and the amendments that have been made to it, and this is delaying their ability to perform end to end dry runs.

How can these pressures be alleviated? How can they accelerate their progress and sense check whether they remain on track, including planning for the audit of their new systems and processes?

Following the webcast, participants should be able to explain at a high level:

  • Where insurers are on the journey to IFRS 17.
  • What sticking points and complexities some are encountering.
  • Some key areas to consider to accelerate future progress and make the best use of the remaining time until IFRS 17 is effective.
  • How to avoid losing sight of the opportunity to help optimize and enhance the efficiency of their finance function.

Use the button below to access the webcast replay:

Once logged into the platform, a downloadable copy of the presentation can be found in the Handouts tab underneath video player.

KPMG firms’ approach to implementing IFRS 17 and IFRS 9 recognises that this is more than just a technical accounting and actuarial issue, providing the opportunity for insurers to streamline processes and provide clear and concise communication of the value they create to shareholders, investors and other key stakeholders.

Further information

For more on any of the items above, or any Insurance-related queries, contact Brian Morrissey, Head of Insurance.