An incredible 92% of insurers worldwide are not prepared for the incoming accounting standard IFRS 17, despite recognising its risks.
This whopping figure comes from an Aptitude Software report taking data from 240 insurance firms. The report also shows that 78% of respondents are still in the early research and impact analysis phase of implementing the accounting standard, which comes into effect at the start of 2021.
“Time is of the essence. It is a massive project with significant risks, and there is a one-size-fits-all solution, bespoke solutions are required,” insists Martin Redington, chief technology officer at Aptitude.
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