Run for cover will need longer strides: Insurance experts at BS Webinar

At Business Standard webinar on De-risking the Risk Business, they say one can expect a deadline extension for the implementation of IFRS 17, given the Covid pandemic

Insurers will have to take a fundamental relook at the way they do business to align with IFRS 17 — International Financial Reporting Standards-2017 — which are set to kick in from January 1, 2023.
 
“Insurance firms write policies with specific and exotic risks. It is assumed that they can manage the risk, as well. With IFRS-17, they will have to change the way they go about it,” said Nilesh Sathe, former board member of the Insurance Regulatory and Development Authority.
 
Sathe explained the accounting standards will combine the current measurement of future cash flows with the recognition