IFRS17:Insights from Insurance industry in Ireland
Mazars in Ireland conducted a survey to get the views of the insurance industry in Ireland on the standard and the potential impacts of IFRS 17 on the business.
Mazars conducted this survey in Ireland during the summer of 2018 to obtain:
an industry-wide view of insurers’ knowledge of the requirements of IFRS 17;
an understanding of their progress on their journey towards full implementation; and
their assessment of the impact it will have on their businesses.
Profile of survey respondents
The results of this survey provide insights into expected IFRS 17 approaches, timelines for IFRS 17 implementation, as well as the cost, challenges and opportunities of the project. The survey captures senior management’s perceptions of the expected impact of IFRS 17 after implementation, including the impact on future product offering, ability to pay dividends, changes to internal processes, the use of technology and the impact on the insurance market. Download our study below to discover the results.
IFRS 17 Survey - Ireland.PDF
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Olive Gaughan Director & Head of Actuarial Services - Dublin, Ireland
The new standard IFRS 9 on financial instruments has been effective starting 1st January 2018 for most entities but insurance groups have the possibility to defer its application to 2021, the year when the new standard IFRS 17 on insurance contracts will enter into force.