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IFRS 17 Implementation

The Nigeria Insurance Industry Experience

The International Financial Reporting Standard (IFRS) 17 has officially replaced the decade-old IFRS 4, marking a significant shift in how insurance companies account for their contracts. This new standard, developed by the International Accounting Standards Board (IASB), aims to create a single set of globally-recognised principles for recognising, measuring, presenting, and disclosing insurance contracts.

Implementing IFRS 17 requires substantial changes across various aspects of an insurer's business, from product development and operations to technology, actuarial practices, and finance. This has prompted Nigerian insurers to embark on a journey of adaptation and preparation.

This survey report delves into the reactions and efforts of Nigerian insurers as they embrace IFRS 17. It explores their perspectives on the implementation's scale and complexity, along with the challenges they have encountered so far. By understanding these experiences, we can gain valuable insights into the ongoing transition and its impact on the Nigerian insurance industry.

Download the full survey report or learn more about IFRS 17.

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