Reinsurance News
IFRS 17
IFRS 17 presents a number of challenges for re/insurers, poll reveals
17th December 2024
International Financial Reporting Standards (IFRS) 17 introduced a new way of financial reporting for insurers and reinsurers, fundamentally changing how they recognise and measure insurance contracts. While this new standard promises greater transparency and comparability, it has also presented a significant challenge for industry participants. In a recent poll, Reinsurance News asked ... Read the full article
IFRS 17 adds complexity to reinsurers’ financial reporting: AM Best
28th August 2024
The International Financial Reporting Standards (IFRS) 17 is undergoing a significant accounting shift that necessitates changes in performance analysis within the reinsurance market, according to a recent AM Best report. Implemented at the end of 2023, the IFRS 17 arrived during the hardest reinsurance markets in decades. The new standard has ... Read the full article
GIC Re to implement SAP Fioneer’s technology to meet IFRS17 requirements
16th July 2024
In order to adopt the International Financial Reporting Standard 17 (IFRS17) by the official target date India's General Insurance Corporation (GIC Re) has chosen to implement SAP Fioneer’s Financial Products Subledger (FPSL) for Insurance solution offering. IFRS17 was introduced by the International Accounting Standards Board (IASB) and mandates significant changes in ... Read the full article
Resource constraints among challenged identified post IFRS17 implementation: PwC
15th July 2024
Most re/insurers have now started, or are about to start, the implementation of the IFRS17 Standard, a finance transformation and modernisation program, which has brought some benefits and challenges that are yet to be overcome, a recent PwC survey has revealed. Conducted between December 2023 and February 2024, the PwC’s survey ... Read the full article
IFRS17 earnings benefit seen as highest for reinsurers: JP Morgan
17th May 2024
JP Morgan has noted that when looking at the change in earnings expectations in 2024-26 across the insurance sector, reinsurers have seen the biggest benefit from IFRS17. The firm's recent Love Actuary report observed it is "evident" that the reinsurers have seen the greatest increase in earnings expectations as a group ... Read the full article
Technology is key amid a volatile market, regulatory and accounting changes: Clearwater’s Wenzhe Sheng
30th April 2024
As Clearwater Analytics works towards revolutionising the world of investing, we spoke with Senior Product Manager for EMEA Prudential Regulations, Wenzhe Sheng, about regulatory and technology trends in the insurance industry amid a volatile investment market environment. Founded in 2004, Clearwater Analytics is a SaaS, full lifecycle investment management solution which ... Read the full article
Substantial work is needed to better understand and explain IFRS 17 results: WTW
29th September 2023
After insurers reported their half-year 2023 results under IFRS 17 for the first time, they believe substantial work is still needed to better understand and explain results under the new accounting framework, and improve business as usual reporting processes, a WTW survey revealed. The study, believed to be the industry’s most ... Read the full article
IFRS 17 will be a positive change for Swiss Re L&H: CEO Paul Murray
20th September 2023
IFRS 17 changes create a lot of opportunity for reinsurers to help companies deal with the entwined disruption, suggested Paul Murray, CEO of Life & Health Reinsurance, Swiss Re, speaking with CNBC. Discussing the current outlook of the L&H reinsurance market, Murray told CNBC there are a lot of "tailwinds" at ... Read the full article
GCC Islamic insurers face challenges with IFRS 17 adoption: S&P
9th August 2023
Islamic insurers operating in the Gulf Cooperation Council (GCC) region are poised for continued growth in 2023, but the adoption of the International Financial Reporting Standard 17 (IFRS 17) is presenting significant challenges, according to S&P Global Ratings. While the implementation is expected to usher in enhanced transparency and comparability, smaller ... Read the full article
Legal & General Retirement reports £6.8bn of PRT year-to-date
6th July 2023
Legal & General Retirement Institutional (LGRI), the UK bulk annuity division of Legal & General, has made strong progress in multiple sectors, including Pension Risk Transfer (PRT), individual annuities, and US protection, transacting £6.8 billion of PRT year-to-date and experiencing a notable rise in pension schemes approaching the insurance market. Alongside ... Read the full article
Wide variation in impact of IFRS 17 on re/insurers: AM Best
17th May 2023
Analysts at AM Best have reported wide variation in the impact of the transition to IFRS 17 on insurers and reinsurers, with the effects being far more pronounced in the life segment than in non-life. For re/insurers that report under International Financial Reporting Standards (IFRS), the transition to the new accounting ... Read the full article
WTW releases IFRS 17 reporting solution
11th May 2023
Global advisory, broking and solutions company WTW has announced the release of its new IFRS 17 based reporting solution, Financial Results Analyzer (FRA). Developed by the company’s Insurance Consulting and Technology (ICT) business, WTW’s Financial Results Analyzer tool is designed to meet the IFRS 17 reporting requirements of re/insurers as they ... Read the full article
Fairfax announces estimate of IFRS 17 effect on common shareholders’ equity
18th April 2023
Canadian property and casualty re/insurer, Fairfax Financial Holdings Limited has published its preliminary, unaudited estimate of the effect of IFRS 17 on common shareholders’ equity stating that it will increase by approximately $2.2 billion, as at December 31, 2022. The new accounting standard, IFRS 17, was required to be adopted on ... Read the full article
SCOR sets new targets and assumptions amid IFRS 17 transition
12th April 2023
French reinsurer SCOR has released a set of financial targets and assumptions for 2023 amid the transition to the new IFRS 17 accounting framework, which it says will notably allow it to disclose the full value of its risk portfolio. As of Q1 2023, the reinsurer will publish its financial results ... Read the full article
“Unfortunate” timing of IFRS transition to add P&C volatility: Berenberg
7th February 2023
Analysts at investment bank Berenberg have warned that the timing of the transition to IFRS 17 is "very unfortunate" for reinsurers and their investors, given the current hardening state of the market. In a new report, Berenberg argues that “transparency is low” when it comes to the transition between earnings reporting ... Read the full article
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