IFRS 17 implementation to cost insurers up to $20bn: Willis

07 June 2021

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The global insurance industry faces costs of between $15bn and $20bn for implementing the accounting regime IFRS 17, according to a survey by Willis Towers Watson.

The accounting overhaul involves sweeping changes, including making companies recognise long-term profits when insurance services are delivered, rather than when premium payments are received.

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IFRS 17 implementation to cost insurers up to $20bn: Willis

The global insurance industry faces costs of between $15bn and $20bn for implementing the accounting regime IFRS 17, according to a survey by Willis Towers Watson.

Fuel a smarter strategy with our actionable market intelligence

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IFRS 17 implementation to cost insurers up to $20bn: Willis

The global insurance industry faces costs of between $15bn and $20bn for implementing the accounting regime IFRS 17, according to a survey by Willis Towers Watson.

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Fuel a smarter strategy with our actionable market intelligence

Topics

Twia to target 43% more limit at $5.8bn on exposure growth and Beryl losses

Allstate pegs October cat losses at $226mn post-tax

Plenum’s Dynamic Cat Bond Fund reaches $200mn in AuM

Rokstone partners with NormanMax to launch parametric product

RenRe grows partner capital AuM to $7.72bn