Opportunity for Malaysian insurers to modernise

Deloitte pointed out that the adoption of MFRS 17 is expected to have significant impact on the fundamentals of the insurance business and its financial management.Thus, it is critical for insurers to review their strategies to ensure they adapt post-MFRS 17, it pointed out.

KUALA LUMPUR: The year 2022 promises to be an interesting yet challenging one for the insurance industry arising from the post-International Financial Reporting Standard 17 (IFRS 17) implementations, Bernama reported, quoting Deloitte.

Malaysian Financial Reporting Standards (MFRS) 17 issued by the Malaysian Accounting Standards Board is equivalent to the IFRS 17 Insurance Contracts as issued and amended by the International Accounting Standards Board.