- September 21, 2022
- Posted by: SHMA Consulting
- Category: Uncategorized
The Society of Actuaries (SOA), General Arab Insurance Federation (GAIF), and SHMA Consulting had teamed up to offer a three-day webcast series on the importance of financial laws and the impact of IFRS-17 on the insurance industry.
The webcast series took place from March through to July and featured an overview of IFRS-17 and its implications for both life and general insurers, as well as a look at the implementation journey of KSA insurers.
Additionally, the regulatory perspective on IFRS-17 was discussed, and SHMA’s Director, Abdul Moid Ahmed Khan, was a key speaker on the panel.
The discussion on day 2 elaborated on the role played by SHMA in allowing a smooth transition and implementation of IFRS-17 for insurers in KSA. Our Director said that “SHMA’s comprehensive solution for IFRS-17 comprises an integrated software package which takes into account all aspects related to actuarial calculations, policy administration, claims processing, as well as accounting & reporting”.
He further added that “the solution offers features such as scenario analysis, sensitivity testing, simulation capabilities, etc. which would be very helpful for insurers in understanding the impact of IFRS-17 on their business.”
This webcast series is designed to provide insurance stakeholders with a detailed understanding of this new standard and how it will affect them. By collaborating with leading organizations like the SOA and GAIF, we can offer a comprehensive educational experience that will help insurers smooth their transition to IFRS-17.
The objective of this webcast was to create awareness about the new insurance accounting standard, IFRS-17, and its implications on the financial statements of life and general insurers.