AM Best to Participate in Annual IFRS 17 Conference; Panel Discussions to Explore Insurer Readiness

LONDON--(BUSINESS WIRE)--AM Best will participate on two panel discussion at the fourth annual IFRS 17 Conference, hosted by InsuranceERM, to be held virtually on 31 March 2022.

Tony Silverman, director, credit rating criteria, research and analytics, AM Best, will take part in the keynote panel, which will focus on insurers’ readiness for IFRS 17, which becomes effective 1 January 2023. Discussion topics will include:

• Key milestones insurers should have met by the end of first-quarter 2022, from investor relations activities to the status of initial financial statements.
• A look at the most-common obstacles insurers have faced in their implementation efforts, and what new insights have been gained.
• The impact COVID-19 has had on the industry's ability to prepare for the reporting shift.
• An examination of internal culture changes, from breaking down silos to the merging of the accounting and actuarial roles.
• Why state of readiness across the industry still varies widely, and why smaller firms might hold an operational advantage.

Silverman also will join a panel discussion on building out new key performance indicators (KPI) which will discuss how far along insurers are in fully understanding profit emergence under IFRS 17, the viability of any proposed KPIs and their consequences internally and externally, industry alignment on data for KPIs and what this all might mean for executive remuneration.

Silverman has been with AM Best since 2013, and is responsible for the generation, maintenance and implementation of industry-leading and globally consistent credit rating criteria. He also has authored numerous commentaries related to IFRS 17, in addition to other insurance industry-wide issues.

The virtual event begins at 9:00 a.m. BST, with Silverman’s two panel appearances taking place in succession just after opening remarks. For more information about the event, or to register, please go to the official event page.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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