IFRS 17 transforms the accounting processes for insurers across 100 countries, and applies a new set of standards, calculations, and criteria to insurers’ financial reporting. Insurers across the continent are preparing to transition from current insurance accounting frameworks to IFRS 17. Insurers have a short timeframe to start their parallel runs and present their opening balance sheets on the new reporting basis. There are implementation challenges in preparing for the transition, and insurers need to review their strategies to ensure they can adapt to these challenges.
COVER recently chatted with James Ingram, Senior Director of Moody’s Analytics to get his view on IFRS 17 in Africa. Some of the points looked at were:
- Status of adoption in Africa and readiness of insurers in the region
- Main challenges with IFRS 17 implementation
- Key recommendations to help insurers fast-track their implementations
- Helping African insurers transition to IFRS 17
Listen to the full interview below.
To start a conversation with James and work together on your IFRS 17 journey, click here.