Asian insurers bracing for impact of IFRS 9 and 17
Some insurers' chief investment officers in the region, such as that of Krungthai Axa Life, are concerned about the potential effect of new accounting standards.
Insurance firms’ investment teams in Asia have been mulling the impact of incoming risk-based capital (RBC) rules for some time, but some are now more concerned about new accounting rules – notably International Financial Reporting Standard (IFRS) 9 for the asset side of balance sheets, but also IFRS 17 for the liability side.
“The biggest worry for the [Thai insurance] industry right now is not the RBC rules, but IFRS 9,” said Pattarapol Parin, chief investment officer of Bangkok…
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