This paper addresses one of the most impactful transitions in the insurance industry—the shift to IFRS 17. This accounting standard aims to improve the transparency and consistency of insurance reporting across jurisdictions while presenting unique challenges and opportunities for property and casualty (P&C) insurers, particularly in the diverse Asian market.
This first part of a two-part series focuses on the simplified Premium Allocation Approach (PAA), exploring its adoption, practical implications, and emerging practices. Insights are drawn from our authors’ comprehensive research and survey of over 60 P&C insurers across Asia, including territories already live with IFRS 17 such as Hong Kong, Singapore, and Malaysia.
The findings aim to support actuaries, financial professionals, and executives navigating this transformative period. With detailed industry analysis and practical insights, the paper serves as a guide for those implementing or preparing for IFRS 17 compliance.
