Insurers identify impediments to IFRS 17 migration

Insurers have expressed concern about inadequate actuaries and high cost of softwares clogging their alignment of 2023 financial accounts with International Financial Reporting Standard (IFRS) 17.

The insurance companies are worried by the challenges while working assiduously to meet the June 30 deadline for submission of their accounts

However, some described the process as challenging as they have to spend huge sums of money to acquire the required softwares for the migration, adding that another drawback is finding experienced personnel to handle the process.

Those that have in-house actuaries said they are almost done with the process, as their external auditors are fine-tuning the accounts in preparation for submission to the National Insurance Commission (NAICOM).

Others still struggling with the process, expressed optimism that before the June 30, deadline, they would have surmounted the drawbacks and mastered the process.

Insurance operators were required to adopt the new accounting framework by December 31, 2023 and prepare their accounts in line with the standard.

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