Insurance business facing challenges amid Covid-19 crisis

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In this article, insights by our Head of Insurance at KPMG in Malaysia, Mok Wan Kong pertaining to the deferment of the effective date of the IFRS 17 was featured alongside findings by Persatuan Insurans Am Malaysia (PIAM) and Life Insurance Association of Malaysia (LIAM) which highlights the impact of COVID-19 on the performance of the insurance industry.

According to KPMG in Malaysia, this deferment is a welcomed reprieve for insurers especially now as companies struggle to confront the challenges COVID-19 has presented to their customers, people and business.

Mok said: “Most insurers have already started on their IFRS 17 implementation journey, but the COVID-19 pandemic has changed the dynamics of the business landscape. As a result, many are forced to decide whether to prolong the implementation project timeline to align with the new effective date, or pause and focus instead on building up their business during this pandemic recovery period.”

Additionally, Mok advised that if business priorities require the implementation progress be paused, ensure that you have an implementation road map with clearly marked milestones beforehand, so that you have a thorough understanding of the right tools and capabilities you’ll need to achieve all objectives by 2023.

Click here to read the full article published in The Busy Weekly, Malaysia.

© 2022 KPMG PLT, a limited liability partnership established under Malaysian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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