Those insurers who have already commenced this IFRS17 journey have more opportunities and time to lobby for their interpretation of the standard
The KPMG South African Insurance Survey has consistently included articles on IFRS 17: Insurance Contracts. This year is no different. While previous issues have posited on the implications and application of this transformational standard on the industry, in this year's issue we speak with experience after having access to the financial standard.
Being based in Hong Kong to work on IFRS 17 transition projects until the end of the year, it has been sobering to experience the sheer magnitude of effort and resources that are required by global insurance groups to bring this standard to life. It's important to note, those insurers who have already commenced this IFRS17 journey (the “early birds”) have more opportunities and time to lobby for their interpretation of the standard. They are better positioned to implement the standard their own way.
KPMG benchmarked the state of readiness of the global industry in December 2017, and then again in July 2018. In a recent study, KPMG collected feedback from more than 160 respondents in over 30 countries. This benchmarking included the largest 10 insurers in the world that use IFRS as their framework for financial reporting. Besides providing a benchmarking on the state of readiness, the publication also delivers a valuable starting point for those insurers who plan to commence their implementation journey in 2018.
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