IFRS 17 - Insurance Contracts
IFRS 17 Insurance Contracts, issued by the IASB and effective January 1, 2023, establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. It replaces IFRS 4 and provides a consistent global framework for insurance accounting. Key features include the General Measurement Model (building block approach), Premium Allocation Approach for short-duration contracts, and the Contractual Service Margin representing unearned profit.
IFRS 17 - Insurance Contracts is a compliance framework from International (IFRS Foundation) with 7 domains and 45 controls that map to 10 other frameworks. The largest domains are Disclosure (paragraphs 93 to 132) – IFRS 17 - Insurance Contracts (11 controls), Measurement under the general model (paragraphs 29 to 52) – IFRS 17 - Insurance Contracts (9 controls), Effective date and transition (Appendix C) – IFRS 17 - Insurance Contracts (6 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (7)
Disclosure (paragraphs 93 to 132) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::106-109A | Analysis of revenue, effect of new contracts, and expected margin release |
| ifrs-17-insurance-contracts::110-113 | Insurance finance income or expenses and direct participation disclosures |
| ifrs-17-insurance-contracts::114-116 | Transition amounts |
| ifrs-17-insurance-contracts::117-120 | Significant judgements: methods, inputs, risk adjustment confidence level and yield curves |
| ifrs-17-insurance-contracts::121-126 | Nature and extent of risks: exposures, management and the regulatory framework |
| ifrs-17-insurance-contracts::127 | Concentrations of risk |
| ifrs-17-insurance-contracts::128-129 | Sensitivity analysis for insurance and market risks |
| ifrs-17-insurance-contracts::130 | Claims development |
| ifrs-17-insurance-contracts::131-132 | Credit risk and liquidity risk |
| ifrs-17-insurance-contracts::93-96 | Disclosure objective, level of detail and aggregation |
| ifrs-17-insurance-contracts::97-105B | Reconciliations of contract balances and the premium allocation approach disclosures |
Effective date and transition (Appendix C) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::C1-C2 | Effective date, date of initial application and transition date |
| ifrs-17-insurance-contracts::C20-C24B | Fair value approach |
| ifrs-17-insurance-contracts::C25-C28 | Comparative information |
| ifrs-17-insurance-contracts::C29-C33 | Redesignation of financial assets on initial application |
| ifrs-17-insurance-contracts::C3-C5B | Retrospective application and when the alternatives may be used |
| ifrs-17-insurance-contracts::C6-C19A | Modified retrospective approach |
Measurement under the general model (paragraphs 29 to 52) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::29-31 | Which measurement requirements apply; foreign currency; no own credit risk |
| ifrs-17-insurance-contracts::32 | Measurement on initial recognition: fulfilment cash flows plus the contractual service margin |
| ifrs-17-insurance-contracts::33-35 | Estimates of future cash flows and the contract boundary |
| ifrs-17-insurance-contracts::36 | Discount rates |
| ifrs-17-insurance-contracts::37 | Risk adjustment for non-financial risk |
| ifrs-17-insurance-contracts::38-39 | Contractual service margin on initial recognition |
| ifrs-17-insurance-contracts::40-42 | Subsequent measurement: liability for remaining coverage and liability for incurred claims |
| ifrs-17-insurance-contracts::43-46 | Contractual service margin at the end of the period: contracts without and with direct participation features |
| ifrs-17-insurance-contracts::47-52 | Onerous contracts and the loss component |
Premium allocation approach (paragraphs 53 to 59) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::53-54 | Eligibility for the premium allocation approach |
| ifrs-17-insurance-contracts::55-56 | Liability for remaining coverage under the premium allocation approach |
| ifrs-17-insurance-contracts::57-59 | Onerous groups and the liability for incurred claims under the premium allocation approach |
Presentation (paragraphs 78 to 92) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::78-79 | Presentation in the statement of financial position |
| ifrs-17-insurance-contracts::80-82 | Disaggregation in the statement(s) of financial performance |
| ifrs-17-insurance-contracts::83-86 | Insurance service result: revenue, service expenses and reinsurance presentation |
| ifrs-17-insurance-contracts::87-92 | Insurance finance income or expenses and the other comprehensive income option |
Reinsurance held, investment contracts with DPF, modification and derecognition (paragraphs 60 to 77) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::60-62A | Reinsurance contracts held: aggregation and recognition |
| ifrs-17-insurance-contracts::63-68 | Reinsurance contracts held: measurement, net cost or gain, loss recovery |
| ifrs-17-insurance-contracts::69-70A | Premium allocation approach for reinsurance contracts held |
| ifrs-17-insurance-contracts::71 | Investment contracts with discretionary participation features |
| ifrs-17-insurance-contracts::72-73 | Modification of an insurance contract |
| ifrs-17-insurance-contracts::74-77 | Derecognition |
Scope, combination, separation, aggregation and recognition (paragraphs 1 to 28F) – IFRS 17 - Insurance Contracts
| Code | Title |
|---|---|
| ifrs-17-insurance-contracts::10-13 | Separating components from an insurance contract |
| ifrs-17-insurance-contracts::14-24 | Level of aggregation: portfolios, the three groups and annual cohorts |
| ifrs-17-insurance-contracts::25-28 | Recognition of a group of insurance contracts issued |
| ifrs-17-insurance-contracts::28A-28F | Insurance acquisition cash flows: allocation, asset, derecognition and impairment |
| ifrs-17-insurance-contracts::3-8A | Scope: contracts covered, exclusions and the irrevocable elections |
| ifrs-17-insurance-contracts::9 | Combination of insurance contracts |
Your Compliance Coverage
If you comply with IFRS 17 - Insurance Contracts, you already cover:
IAIS Insurance Core Principles (ICPs)
2%
1 controls mapped
Compare →Authorised Economic Operator (AEO) Programmes - Global Standards
2%
1 controls mapped
Compare →UAE Virtual Asset Regulatory Authority (VARA) Regulations
2%
1 controls mapped
Compare →+ 7 more: Nevada Gaming Control Board Cybersecurity Requirements (2%), India CERT-In Cyber Security Directions 2022 (2%)
See all 10 mapped frameworks ↓Maps to 10 other frameworks
Coverage is not the same as your position
This page shows what IFRS 17 - Insurance Contracts overlaps with in general. Where your organisation actually stands, against the standard you are going for and the certifications you already hold, is a different question. Same graph and the same recorded refutations, scoped to you rather than to a pair.
The Compliance Position Diagnostic, $5,000 fixed, ten business daysWhat is IFRS 17 - Insurance Contracts and who does it apply to?
IFRS 17 - Insurance Contracts is a compliance framework from International (IFRS Foundation) with 7 domains and 45 controls. IFRS 17 Insurance Contracts, issued by the IASB and effective January 1, 2023, establishes principles for the recognition, measurement, presentation, and disclosure of insurance contracts. It replaces IFRS 4 and provides a consistent global framework for insurance accounting. Key features include the General Measurement Model (building block approach), Premium Allocation Approach for short-duration contracts, and the Contractual Service Margin representing unearned profit. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does IFRS 17 - Insurance Contracts actually require?
IFRS 17 - Insurance Contracts has 45 controls organised across 7 domains. The largest domains are Disclosure (paragraphs 93 to 132) – IFRS 17 - Insurance Contracts (11 controls), Measurement under the general model (paragraphs 29 to 52) – IFRS 17 - Insurance Contracts (9 controls), Effective date and transition (Appendix C) – IFRS 17 - Insurance Contracts (6 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of IFRS 17 - Insurance Contracts do I already cover?
IFRS 17 - Insurance Contracts maps to 10 other compliance frameworks. The top mapping partners are IAIS Insurance Core Principles (ICPs) (2% coverage), Authorised Economic Operator (AEO) Programmes - Global Standards (2% coverage), UAE Virtual Asset Regulatory Authority (VARA) Regulations (2% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I implement IFRS 17 - Insurance Contracts?
Start your IFRS 17 - Insurance Contracts compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about IFRS 17 - Insurance Contracts requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 45 controls and track your progress.
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