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IndAS117: Challenges and opportunities for Indian insurers

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The implementation of IndAS117 has cost the insurance industry around $20 billion. Although challenging, it promises enhanced transparency and comparability. Key issues include data management, technology integration,
The article from MSN discusses the implementation of Ind AS 117, a new accounting standard for insurance contracts in India, which aligns with the International Financial Reporting Standards (IFRS 17). This standard aims to enhance transparency, comparability, and consistency in financial reporting for insurance companies. The transition to Ind AS 117 presents both challenges and opportunities for Indian insurers. Key challenges include the need for significant changes in IT systems, data management, and actuarial modeling to comply with the new requirements, which could lead to increased costs and complexity in financial reporting. On the opportunity side, it allows insurers to better reflect the economics of insurance contracts, potentially leading to improved risk management, pricing strategies, and investor confidence. The article highlights that while the initial adoption might be tough, the long-term benefits include a more robust framework for understanding and managing insurance liabilities and profitability.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/economy/indas117-challenges-and-opportunities-for-indian-insurers/ar-AA1zcDCV ]