Insurance

Welcome to the Insurance industry page - your source of accounting technical guidance for insurance contracts. IFRS 4 currently specifies the accounting for insurance contracts. It was designed as an interim standard and allows entities to use a wide variety of accounting practices for insurance contracts. IFRS 17 will replace IFRS 4 and will apply to annual periods beginning on or after 1 January 2023. IFRS 17 will fundamentally change the accounting for insurance contracts within the scope of the standard. It will require the use of consistent measurement models based on current assumptions at a more granular level.

Suggested for you

Suggested for you

10 December 2021

Initial application of IFRS 17 and IFRS 9 - Comparative Information

On 9 December 2021, the IASB issued the amendment of IFRS 17 relating to the presentation of comparative information of financial assets on initial application of IFRS 17, ‘Insurance Contracts’.

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GX In brief INT2021-15

28 October 2021 | Updated 02 November 2021

In transition - The latest on IFRS 17 implementation - October 2021

On 28 October 2021, the IASB redeliberated the Exposure Draft proposing a narrow-scope amendment relating to the presentation of comparative information on initial application of both IFRS 9 and IFRS 17, considering the feedback from the comment letters received.

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GX In transition

09 February 2021 | Updated 28 September 2021

In the Spotlight - IFRS 17 affects more than just insurance companies

The existing requirements for insurance contracts (IFRS 4) allow flexibility to follow the measurement principles of other standards. The replacement accounting standard for

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GX In the Spotlight

24 December 2020

In the Spotlight - Determining CSM allocation using coverage units

IFRS 17, ‘Insurance Contracts’, introduces the concept of ‘coverage units’ for determining how an insurer allocates to different reporting periods the expected profit for providing insurance contract services (that is, the contractual service margin).

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GX Spotlight

04 November 2020

In the Spotlight - Transition to IFRS 17 - Oct 2020

IFRS 17 specifies complex transition requirements for entities that are applying IFRS 17 for the first time. Entities will need to evaluate the choices that are available to them and exercise judgement in applying many of the requirements. Those choices and judgements will have an ongoing, long-term effect on amounts recognised on transition, with a corresponding effect on shareholder equity and reported revenue and profit reported in subsequent years for some insurers.

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GX

10 June 2020 | Updated 10 September 2021

In the Spotlight - Eligibility for the Variable Fee Approach

IFRS 17, ‘Insurance Contracts’, specifies that some participating contracts should be accounted for using the variable fee approach (‘VFA’), to reflect that those contracts provide investment-related services which are integrated with insurance coverage, and that the entity receives a variable fee for those services.

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GX

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SME Contact

Gail Tucker

Gail Tucker

Partner

PwC

Email

Gail Tucker

Partner
PwC

Partner

078917806372

Marcos Trofino

Marcos Trofino

Senior Manager

PwC

Email

Marcos Trofino

Senior Manager
PwC

Senior Manager

+44 7483 334635

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