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HomeInsuranceMarket Preparedness for IFRS 17 within the MENA Area Varies

Market Preparedness for IFRS 17 within the MENA Area Varies


SPECIAL REPORT

Greatest’s Information & Analysis Service – Could 30, 2022 09:51 AM (EDT)

  • Could 30, 2022 09:51 AM (EDT)

London //BestWire// – IFRS 17, the brand new accounting normal for insurance coverage contracts, will have an effect on many insurers throughout the Center East and North Africa (MENA) when it comes into pressure for reporting durations starting on or after 1 January 2023. Evaluation from AM Greatest suggests preparation for the brand new regime varies considerably by nation and insurer.

A brand new Greatest’s Commentary, “Market Preparedness for IFRS 17 within the MENA Area Varies,” notes that generally, corporations working within the area’s more-mature regulatory environments present higher readiness for IFRS 17. There’s a much less constant image among the many area’s small carriers and in markets with much less oversight.

AM Greatest doesn’t anticipate the introduction of IFRS 17 to have a direct impression on credit score rankings, as AM Greatest targets the underlying economics of insurers, which is generally unaffected by the accounting regime they report underneath.

However, AM Greatest will proceed to watch the potential disruption {that a} lack of preparedness for this basic change might trigger; for instance, to the reporting of precisely said figures and to the provision of well timed administration data. On this regard, AM Greatest views having strong enterprise threat administration practices as central to with the ability to handle the transition efficiently.

To entry a complimentary copy of this commentary, please go to http://www3.ambest.com/bestweek/buy.asp?record_code=320323 .

AM Greatest is a worldwide credit standing company, information writer and information analytics supplier specialising within the insurance coverage trade. Headquartered in the US, the corporate does enterprise in over 100 international locations with regional workplaces in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis.

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