IFRS 17, effective January 1, 2022, will have a profound impact on global Property & Casualty, Life, and Health insurers and reinsurers. The standard will impact the entire enterprise and likely change business models; and will be more complex, costly and burdensome than previous regulations. Thus, it is prudent for affected companies to ensure that a transition programme is completed as soon as possible.

IFRS 17 is intended to achieve greater transparency within the insurance industry, resulting in presumed benefits such as helping consumers make more informed decisions, and facilitating easier and more reliable analysis and comparisons by professional firms, investors and regulators.

For further information please contact Linda Bertolissio or Riina Rintanen.