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AIICO Insurance Plc office
Manager at AIICO Insurance Plc, Mayowa Korode said the adoption of the International Financial Reporting Standards (IFRS 17) in the insurance industry would not only bring sanity to the sector but would also enhance the sector’s contribution to the economy.
IFRS 17 is a comprehensive standard of financial reporting applicable to companies that prepare financial statements under IFRS. It replaced IFRS 4, which was not a comprehensive standard. The new standard would provide a single global accounting standard for insurance contracts.
According to Korode, IFRS 17 was developed to bring consistency to financial reporting around the globe.
Korode said that its underwriting firm is fully ready for the implementation, adding that the company’s first and second quarters of 2023 reports were done in the IFRS 17 template, revealing that a few operators are showing their readiness for the implementation.
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