- a first look at a new world
After a prolonged build-up and an extensive amount of preparation effort that went into implementation projects, IFRS 17 Insurance Contracts (IFRS 17) became effective on 1 January 2023. While most insurers had hoped that their implementation projects would be nearing completion by the end of 2022, very few insurers managed to achieve this.
With a heavy strain on resources across all work streams, including accounting, actuarial and IT, as well as a delay in the close out of many technical topics across both the global and local insurance industries, implementation of IFRS 17 carried on into much of the IFRS 17 ’live environment’ in 2023.
