AM Best does not expect any near-term impact from IFRS 17 on credit ratings.
Best said it has recently reviewed some of the IASB’s recent decisions to consider how they will affect (re)insurers’ reporting under IFRS 17 and their implications for users of (re)insurers’ financial reporting. In general, these decisions will affect the data Best expects to receive from (re)insurers, and it will be evolving its collection and assessment of accounting data in line with its use of the data as a means of targeting the underlying economics of (re)insurers.
The International Accounting Standards Board (IASB) has been considering amendments to the published IFRS 17 accounting standard for insurance contracts and has reached a series of important decisions, including amendments, ahead of the publication of a revised standard scheduled to take place by 30 June 2020.
Best has highlighted a number of aspects of the IASB’s recent decisions, including the IASB’s decision to reschedule IFRS 17’s effective date to 1 January 2023. This decision was taken after considering the challenges of implementation, the possibility that jurisdictions might not adopt the standard before its effective date, and the advantages of a widespread and simultaneous take up of the standard, said Best.
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