Kenya Re engages experts at international financial reporting standards forum

Kenya Reinsurance Corporation together with Deloitte and Fidelity Information Services (FIS) held a breakfast forum on October 30 where the three firms shared joint insight and knowledge on the new International Financial Reporting Standard, IFRS 17.

The new financial reporting standard comes into effect on January 1, 2021.

Insurance stakeholders, clients, regulators and industry bodies graced the breakfast forum held at the Radisson Blu hotel in Nairobi.

The forum focused on giving an informed overview and demystifying the concepts under IFRS 17.

Experts from Kenya Re, Deloitte and FIS spoke on the importance of the system to the Kenyan Insurance industry. The trio demystified the system with efforts of creating better understanding to industry stakeholders.

According to the three firms, the new IFRS 17 will significantly change the way insurance contracts are measured and reported on. Under IFRS 17, insurers will need to update their systems, adopt new processes and improve integration between actuaries and finance.

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Speaking during the breakfast forum, Kenya Re Managing Director Mr. Jadiah Mwarania expressed his confidence in the partnership and the new reporting standard. “The new International Financial Reporting Standard IFRS17 will definitely change the Kenyan insurance landscape for the better.”

He added, “Not only does it bring global consistency in insurance contracts around the world it brings about better collaboration between actuaries and accountants while ensuring better governance of actuarial systems.”

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