IFRS 17 Post-implementation and Finance Transformation survey
PwC Malta carried out a survey of the Maltese Insurance market during September 2024. We asked respondents 26 questions and are pleased to share some of the insights gathered.
The current operating environment is moving at a fast pace. The insurance sector is facing the implementation of a significantly revised accounting framework - IFRS 17, ‘Insurance Contracts’ - having recently had a myriad of regulatory changes as a result of the Solvency II regime, the EU General Data Protection Regulation and the Insurance Distribution Directive. The ever-changing technological landscape is also shifting the way the sector assesses customer behaviour and prices policies.
PwC Malta has been the leading advisor to the Maltese insurance sector for many years. We provide services to most domestic insurance companies with a strong market share when also considering non-domestic principals. Over the years, we have established a solid market presence, giving us significant experience and knowledge of insurance market practices, challenges and developments.
We offer a full range of Insurance related services to help you cope with a constantly changing business and regulatory environment. Our services include:
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PwC Malta carried out a survey of the Maltese Insurance market during September 2024. We asked respondents 26 questions and are pleased to share some of the insights gathered.
The new accounting standard IFRS17 'Insurance Contracts', effective from 1 January 2023, has led to significant changes in the recognition, measurement, presentation, and disclosure of insurance contracts, potentially resulting in transitional gains or losses for insurance entities. To support the industry, the Malta...
Climate change and socioeconomic trends will transform the insurance sector by 2050. Key changes include shifts in global population dynamics, transportation systems, and increased reliance on IT and digital systems. These factors will reshape insurance products, risk management, and market opportunities, especially in...
The IFRS 17 standard is now fully implemented, with many insurance companies reporting under it for 2023. This report analyses FY23 financial statements, comparing disclosures from 10 major UK life insurers and 18 general insurers. It highlights emerging trends, divergent approaches, and key metrics like adjusted...
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A provisional agreement on Solvency II updates, aiming for early 2026 implementation, includes reducing risk margin costs to 4.75%. Amendments also cover Solvency Capital Requirements calculation changes and Pillar 2 governance and risk management enhancements, notably cybersecurity and ESG inclusion. Reporting...
In the development of the Exposure Draft and during the subsequent re-deliberation process, a number of fundamental issues were debated at length as the views of the IASB and FASB differed. PwC attended various board meetings and the notes produced describe the areas of debate and differing perspectives.
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Insurance companies are adapting to reporting under IFRS 17, particularly in terms of key performance indicators (KPIs). Challenges arise from inconsistencies in KPI calculation methods, notably in the valuation of new business and treatment of reinsurance, losses, and expenses. Year-end 2023 marks the full disclosure...
Insurers are facing a loss of stability due to short-term crises and long-term trends. The STEEP factors (social, technological, economic, environmental, and political) are increasingly impacting the industry, resulting in a fragmented world with escalating risks. To address these challenges, insurance carriers must...
