Insurance Accounting Shakeup Could Cost $24B, WTW Says

By Martin Croucher (June 16, 2022, 2:57 PM BST) -- The cost of implementing new international accounting rules for the insurance sector could stretch to $24 billion, a broker said on Thursday.

WTW – formerly Willis Towers Watson – has increased by 20% its early estimates of the cost to insurers of implementing International Financial Reporting Standard 17. The company said last year it expected the price tag for the industry to be about $20 billion.

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

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