The Standard Nobody Talks About (But Should) Let’s be honest. When insurance professionals hear “IFRS implementation,” their minds immediately jump to IFRS 17. And rightfully so – it’s the most significant change in insurance accounting in decades. But in that shadow, another standard quietly reshapes balance sheets across the industry: IFRS 16, Leases. Here’s the thing: insurance companies have significant lessees. Think about it – all those branch offices where customers walk in to file claims, the fleet of vehicles for claims adjusters, the IT infrastructure humming in data centers. These aren’t trivial amounts. And yet, IFRS 16 is often treated as a “technical exercise” – something the accounting team…
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What is Contract Grouping under IFRS 17? Imagine being handed 50,000 active insurance contracts and told to “group them under IFRS 17.” Where do you even start? That’s the challenge many insurers across the region are facing today. If you’ve been following our IFRS 17 series, you already know the big picture—the ‘what’ and ‘why’ of this transformative standard. In our previous post on Get ready for IFRS 17, we introduced the new measurement logic that reshapes how insurers recognize revenue and profit. Now it’s time to roll up our sleeves and tackle the ‘how.’ Here’s the reality: I’ve noticed insurers often struggle with contract grouping. Some try to break…
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The key to success lies in viewing IFRS 17 not as a one-time project but as an ongoing commitment to operational excellence and financial transparency. With proper preparation and execution, your organization can leverage this standard to strengthen its market position and create lasting value for all stakeholders.
