IFRS 17 – Insurance Contracts Symposium
On 30th April 2019 at Awali Ballroom – Sheraton Hotel, the AJMS Alatheer Consulting with a collaboration of Bahrain Insurance Association (BIA) conducted an excellent IFRS 17 Symposium for Insurance Industry and discussed the current challenges of Global Insurance Industry while performing the IFRS 17 Gap Analysis, Design and Implementation Phases.
Mirza Al Marzooq – Managing Partner of AJMS Alatheer spoke about the background and his vision of AJMS Alatheer Consulting. Muhammad Waqas Anwar (Associate Director) shared his experience and learning of KSA, UAE and Oman while working on IFRS 17 assignments and related expertise & readiness to commence the IFRS Gap Analysis, Design and Implementation Phases at Bahrain, similarly Mr. Muhammad Ali (Actuarial Specialist) explained IFRS 17 requirements and shared his actuarial experience on all the challenges insurance and reinsurance companies faced during the implementation of IFRS 17 and related solutions.
Insurance Industry showed up their enthusiasm for IFRS 17 Symposium where members from top management including CEOs, COOs, CFOs and Actuarial Experts attended the symposium in high numbers and shared their point of views and concerns about the current status and asked AJMS Alatheer team to provide the road map on the implementation of IFRS 17.
AJMS Alatheer Consulting with their Actuary Team shared assessment methodology and their expertise & learnings from UAE, KSA and Oman on performing the IFRS 17 Gap Analysis & Impact Assessment and current challenges of Insurance Companies are facing during the Design and Implementation Phases.
AJMS Alatheer Team also shared an update on the current discussions and concerns raised by the Insurance Industry to International Accounting Standard Board (IASB) and IASB conclusion with expected amendments in IFRS 17. AJMS Alatheer Team also explained that IFRS 17 is bringing a major shift in the accounting processes, actuarial processes, product approval process, investment strategy, re-insurance arrangement, organization’s profitability, reporting and disclosure processes. The Standard is expected to result in changes to the terms and conditions of insurance contracts with customers as well as brokers, reinsurers and other stakeholders. It will also be having a notable impact on the IT systems and data capturing as the entire process of valuation of insurance contracts will undergo a massive change. This means that it has the potential to bring about a major change in the way to do business.
Members from Insurance Companies appreciated the efforts of AJMS Alatheer Consulting and Bahrain Insurance Association for conducting the informative session and requested to conduct more awareness sessions on the development of IFRS 17.