IFRS 17 and LDTI Solutions, 2022: Market Update and Vendor Landscape

Five years on from the issuance of IFRS 17, Chartis is assessing the current state of play as insurers work toward the deferred 2023 implementation date. For our 2022 industry report, we re-evaluate the compliance challenges we have previously identified and assess how they have shifted as implementation programs have progressed. In addition, we explore the evolution of the IFRS 17 vendor market and analyze the various strategies that vendors are now pursuing. To support this analysis, we have conducted a survey to examine global trends and dynamics in key implementation areas of IFRS 17 and LDTI compliance solutions. Highlights from this survey are included in this report. Includes three RiskTech Quadrants.

Five years on from the issuance of IFRS 17, Chartis is assessing the current state of play as insurers work toward the deferred 2023 implementation date. Our IFRS 17 research series has expanded to incorporate LDTI, the FASB’s approach to risk-aware insurance accounting for long-duration contracts. As implementation projects have progressed and practical challenges have emerged, the transferability of IFRS 17 solution functionality to LDTI compliance systems does not appear to be as straightforward as initially anticipated. Despite having similar theoretical foundations, based on the fair valuation of insurance contracts, IFRS 17 and LDTI diverge in their respective areas of focus, creating different pressures on the core technology elements.

For our 2022 industry report, we re-evaluate the compliance challenges we have previously identified and assess how they have shifted as implementation programs have progressed. In addition, we explore the evolution of the IFRS 17 vendor market and analyze the various strategies that vendors are now pursuing.

To support this analysis, we have conducted a survey to examine global trends and dynamics in key implementation areas of IFRS 17 and LDTI compliance solutions. Highlights from this survey are included in this report.

Includes three RiskTech Quadrants.

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