IFRS 17 set to radically change business models
Saturday, 05 26 2018, Category: Financial, Country: World
The new International Financial Reporting Standard (IFRS 17) is set to bring a variety of benefits and challenges to the re/insurance industry, with 93% of senior UK re/insurance professionals agreeing that it will radically change business models, according to a survey by analytics firm SAS.
SAS found that 97% of the UK re/insurance executives it questioned expected IFRS 17 to increase the complexity and cost of operating, as companies will be required to report in greater depth how decisions affect their financial position, and to increase co-operation between their actuarial and accounting departments.
However, 92% of respondents also believed that the new standards would improve financial transparency, while 84% expected it to deliver additional benefits beyond compliance.