Major Insurance Rules Shakeup 'Could Cost Sector $20B'

Law360, London (June 7, 2021, 12:51 PM BST) -- The global insurance industry is facing a bill of up to $20 billion to implement changes to financial reporting rules due to come into force at the start of 2023, according to a survey released by Willis Towers Watson on Monday.

The broker said the largest multinational insurers could spend up to $200 million each as they implement the International Financial Reporting Standard 17.

The standard, known as IFRS 17 and described as the biggest shakeup in insurance reporting for 20 years, was developed by the International Accounting Standards Board. It will offer insurers a new method for calculating profit and loss...

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