Download Guide on IFRS 17 Insurance contracts as at 2025

 


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Note: All the materials in this blog post have been made available to the public for free download by the respective sources. They are compiled here for ease of access to you.

IFRS 17 Insurance Contracts is a new accounting standard that has had a significant impact on how insurance companies account for their contracts. It was issued by the International Accounting Standards Board (IASB) in 2017 and became effective in 2023. 

IFRS 17 requires insurance companies to:

  • recognize the fair value of their insurance contracts on their balance sheets.
  • recognize a profit or loss over the life of an insurance contract as the risks and benefits of the contract are transferred to the policyholder.

IFRS 17 also provides guidance on a number of other topics, such as reinsurance contracts, investment contracts with discretionary participation features, and insurance liabilities..

This blog post compiles for you guidance made available by the Big 4 and other Audit firms to help you with the learning and understanding of IFRS 17 Insurance contracts.

Fun facts:

  • The largest insurance company in the world is Berkshire Hathaway, which is led by Warren Buffett. Berkshire Hathaway has a market capitalization of over $600 billion, and it insures a wide range of risks, including property and casualty, life, and reinsurance.
  • The most expensive insurance claim in history was the claim for the September 11th attacks. The total cost of the insurance claims for the September 11th attacks was over $40 billion.
  • The most unusual insurance policy ever issued was a policy for the engagement ring of Elizabeth Taylor. The policy was for $1 million, and it covered the ring against loss, theft, or damage.
  • IFRS 17 is one of the most complex accounting standards ever issued. It took the IASB over 10 years to develop IFRS 17.
  • IFRS 17 has been implemented by insurance companies in over 140 countries around the world.
  • IFRS 17 is nicknamed "the biggest accounting change in insurance in 200 years".

The below resources (PDF, videos and eLearns) provide comprehensive coverage of IFRS 17 Insurance contracts, including its key requirements and practical guidance. Whether you are new to IFRS 17 or need a refresher, these resources will be helpful.

IFRS 17 Insurance contracts practical guide:

Pdf

Source: KPMG

KPMG Insurance contracts - IFRS 17 Pdf

Source: EY

EY Insurance contracts - IFRS 17 Pdf

Illustrative disclosures for Insurers

Source: Deloitte

Deloitte illustrative disclosures Pdf

Video

Source: PwC

PwC Insurance contracts - IFRS 17 video

Source: IFRS Foundation

IFRS Foundation Insurance contracts - IFRS 17 video

IFRS 17 Standard

Source: IASB

Access the IFRS 17 Standard here


Share your experience in the comment section below about learning and understanding IFRS 17.

IFRS IS EASY

IFRS IS EASY is dedicated to teaching you about IFRS, US GAAP and IFRS Sustainability Standards. You'll get a variety of resources to help you learn about IFRS, including free online courses,documents, articles, and videos that cover the basics of IFRS and complex topics. Adedamola Otun (the Founder) has garnered experience in the Accounting Advisory unit of the Big4 Audit Firms with only one goal - to simplify IFRS for everyone.

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