Regulatory Technology Advice | Deployment | Development | Optimisation
After some challenging years, insurance companies are now experiencing a period of growth. Strict new regulation combined with political and environmental developments have had a profound impact upon the way Insurers and Re-Insurers operate. The drive to comply with Solvency II legislation increased capital adequacy requirements and the new IFRS 17 standards for insurance contract accounting go live in January 2021, replacing IFRS4. The new standard has fundamental differences concerning current accounting in both liability measurement and profit recognition. The financial and operational implications of IFRS 17 will require a change to insurers’ accounting practices and provide a major challenge for the industry. There are, however, opportunities to optimise adoption, both operationally and in terms of financial performance, promoting transparency and financial strength across the industry.
Insurance companies have been obliged to review operations, invest in new processes and technology whilst ensuring sufficient capital is available. With a depth and breadth of industry experience, regulatory expertise and technological knowhow, Millennium Affine can provide a structured approach to plan your IFRS 17 implementation and help you overcome the upcoming technology challenges.
For further information regarding IFRS 17 compliance call +44 (0) 845 604 4262, or complete the form below