The new International Financial Reporting Standard (IFRS 17) for insurance contracts aims to bring consistency and comparability across the world, and is likely to provide greater granularity.
Following a long period of preparation and discussion, the standard was published on May 18, 2017, with an effective date January 1, 2021. However, in A.M. Best’s opinion, this leaves insurers with a relatively short period for preparation as they also have to provide comparative figures for the previous year (2020). The major (re)insurers are in very early stages of adopting IFRS 17 and there have already been calls for a postponement to its implementation date.
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