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25 February 2018

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Munich Re CFO calls for delay to IFRS 17: report

Laura Board 4 December 2017

The CFO of Munich Re has become the latest senior (re)insurance executive to criticise the incoming IFRS 17 global insurance accounting standard.

IFRS 17, which will be mandatory from January 2021, will make companies recognise profit when insurance services are delivered, rather than when premium payments are received.

Carriers will also have to provide information about insurance contract profits that are expected to be recognised in the future.

Jörg Schneider told the Financial Times that IFRS 17 would be very...

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