Asia P&C insurers unprepared for IFRS 17
February 5 2021 by Nick Ferguson
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Time to bite the bullet on IFRS 17? Implementation issues still abound in Asia
- May 27
Despite being formally introduced in several countries in 2023, a number of players in the Asian market continue to struggle with the adoption of new reporting standards, Aon's managing director and APAC head of finance consulting David Mbatha says.
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Philippines extends PFRS 17 deadline until January 2027
- March 12
Last year, the Insurance Commission mandated adoption of a new accounting standard - which aligns with the International Financial Reporting Standard 17 (IFRS 17) - by January 1, 2025.
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IFRS 17 readiness and implementation “not fit for purpose” for some APAC players
- December 6
There are “specific pockets” where problems with IFRS 17 are still manifest in the Asia market, including aspects of reporting.
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India extends IFRS 17 implementation deadline to April 2027: report
- October 17
IRDAI had earlier set an April 2025 deadline for the implementation of the new accounting regime in the insurance sector.
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Allianz General | Allianz General combines innovative protection solutions while powering social good to lead Malaysian market
The insurer proactively addresses emerging risks and evolving customer protection needs while giving back to the community.
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Sedgwick | Asia’s Energy Transformation – Balancing Growth, Risk and Renewables
Energy market presents unique risks, especially in a region which includes China and Japan as well as developing nations like Vietnam and the Philippines.
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Beazley | Turbulent Waters: the maritime energy transition challenge
Businesses are facing a complex transition to non-carbon energy sources amid a push to achieve net-zero emissions for the marine sector by 2050.
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Aon | Navigating shifts in the global and Asia insurance markets
Neelay Patel, Aon head of growth for Asia, says the market in Asia is at an ‘interesting stage of the cycle’.
