Inadequate actuaries, high cost of softwares rattle insurers over IFRS 17 migration

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Chuks Udo Okonta

Insurers aligning their 2023 financial accounts with International Financial Reporting Standard (IFRS) 17, is being clogged by inadequate actuaries and high cost of softwares.

Inspenonline gathered that the operators are being rattled by the challenges whilst they work to meet the June 30, 2024 deadline for submission of their accounts.

Some Managing Directors told this medium that the process has not been easily as they have to spend heavily to acquire the required softwares for the migration.

They said another major drawback is finding experienced personnel to handle the process.

Those blessed with inhouse actuaries said they are almost done with the process, as their external auditors are putting finishing touches on the accounts, in readiness for submission to the National Insurance Commission (NAICOM).

Those still battling with the process, expressed optimism that before the June 30, deadline, they would have surmount the drawbacks and mastered the process.

Insurance operators were required to adopt the new accounting framework by December 31, 2023 and prepare their accounts inline with the standard.

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