Insurance Risk Systems for IFRS 17 and LDTI Compliance, 2020: Market Update and Vendor Landscape

In this report we consider insurers’ evolving technology requirements for compliance with IFRS 17 and its US counterpart LDTI. As part of our analysis we also examine the core principles of LDTI, and the main areas in which it differs from IFRS 17. Because many insurers do business across regions and reporting regimes, we also consider the climate of multi-GAAP reporting, which requires multinational businesses to comply with different accounting regimes simultaneously.

In 2019 Chartis published a series of research reports on International Financial Reporting Standard (IFRS) 17 compliance. We focused on demand among insurers for IFRS 17 compliance solutions, and considered the technology overlaps between these systems and those for other accounting standards and solvency regimes. We see IFRS 17 as part of a wider regulatory project to integrate risk into accounting practices, in line with other areas of financial services and their accounting regimes (notably IFRS 9 and Current Expected Credit Losses [CECL]).

In this report we consider insurers’ evolving technology requirements for compliance with IFRS 17 and its US counterpart LDTI. Insurers’ approach to compliance will be shaped largely by the type of product(s) they sell and their existing technology. In addition, since IFRS 17 is a global standard, there are significant regional dynamics at play, and the regulatory and reporting environment in which institutions operate will have a significant impact on their compliance strategies.

As part of our analysis we also examine the core principles of LDTI, and the main areas in which it differs from IFRS 17. Because many insurers do business across regions and reporting regimes, we also consider the climate of multi-GAAP reporting, which requires multinational businesses to comply with different accounting regimes simultaneously.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@chartis-research.com to find out more.

To download this content and continue reading...

You need to sign in to use this feature. If you don’t have a Chartis account, please register for an account.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: