Events
The IFRS 17 Journey in Asia
4 May 2022
About the event
The 2022 All-Actuaries Summit was held on May 2-4 under the theme of "Getting Closer Thinking Bigger", by the Actuaries Institute of Australia. The hybrid event has brought together speakers and participants at the Melbourne venue as well as those joining virtually from across Asia Pacific, with an agenda packed full of big, daring, powerful ideas about the future of the profession, the future of our economy and how actuaries are going to help restart Australia.
As guest speakers, Deloitte China Insurance partners Louis Lee and Ka-Hei Choi shared their industry leading insights on IFRS17 implementation on Day 3 of the Summit.
Deloitte's perspective: The IFRS 17 Journey in Asia
As 2023 draws near, most insurers are on the final stretch to have their IFRS17 implementation completed. In this presentation, we looked at how different insurers have gone about their IFRS17 roadmap over the past few years in Asia, which were the success stories, what were the lessons learnt, how challenges were overcome, and what are the key steps remaining. We also discussed the influence from IFRS17 to the future of transformation with our industry. We drew on experiences from different type of insurers: Life Insurance, General Insurance, Reinsurance, whilst also observing multi-national programs whereby insurers have subsidiaries throughout Asia.
The presentation covered the following:
- early stages of IFRS17 program design back 3-4 years ago when the standards were still being finalized;
- financial impact and business impact analyzes whereby the IFRS17 concepts were first introduced to senior management of insurers;
- defining portfolios in the IFRS17 categories and requirements; before the data, modelling and assumptions setting were in place.
- where most insurers are still working on, the testing, transition and parallel run phases;
- how actuaries have been involved and interacting with accountants and data technology specialists in all parts of the journey.
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