Press Release

Press Release“Conference on Adopting IFRS 17”

The “Conference on Adopting IFRS 17- New Perspectives on Transition to IFRS 17 in the Insurance Industry” was held on October 20, 2022 at the Chang Yung-Fa Foundation International Convention Center. This conference was organized and hosted by the Taiwan Insurance Institute (TII), and was planned as a combined physical and virtual conference.

Starting from 2023, many jurisdictions will formally adopt The International Financial Reporting Standards - Insurance Contracts (IFRS17), and proceed with the transition in 2022. However, the transition date of IFRS 17 in Taiwan will be January 1, 2025, and the implementation date will be January 1, 2026. As the transition date has come in 2022, this conference was designed to focus on the transition experiences of other jurisdictions and the KPIs for business transformation brought by IFRS 17, including how to smoothly proceed the transition, redefine the performance evaluation indicators, etc.

The conference started with the keynote speech on “Opportunities and Challenges of IFRS17” delivered by Ms. Linda Mezon-Hutter, Board Member of the IASB. Other speakers of the conference included Ms. Ziling Yong, Director of Ernst & Young in Singapore, Mr. Hee Sung Chae, Senior Managing Director of the Korea Insurance Development Institute, Ms. Dana Chaput, Partner of KPMG in Canada and Ms. Phoebe Chung, Partner of KPMG in Taiwan. They were invited to share the experiences on transition to IFRS 17 in Singapore, Korean and Canada respectively. In addition, Dr. Patrick Bosch, Chief Financial Officer, Allianz Re Dublin, shared his experiences on transition to IFRS 17 in Germany.

As local insurance companies have the need to develop new KPIs for the measurement of their business performance once IFRS 17 is adopted. Mr. Eric Lin and Ms. Fiona Lin of Deloitte Taiwan were invited to share their views on “The key issues and risks in the design of KPIs after transition to IFRS17”. They also explained how to define IFRS17 performance evaluation indicators in the future.

The conference consisted of international speakers and domestic experts to share their expertise and experiences. It is anticipated that, by learning form international experiences and new KPIs for business transformation, this conference will bring real benefits to the participants to undertake transition to IFRS 17.

This sophisticated conference offered a platform for in-depth discussions on the direction of IFRS17. The most important goal is to assist the industry in coping with these immediate challenges and achieving progress in planning management strategies. Insurers can leverage this training to strengthen their business and create competitive advantages.

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  • Conference on Adopting IFRS 17 -New Perspectives on Transition to IFRS 17 in the Insurance Industry

    Conference on Adopting IFRS 17 -New Perspectives on Transition to IFRS 17 in the Insurance Industry