OLDWICK, N.J., Aug 28 (Bernama-BUSINESS WIRE) — The implementation of IFRS 17 accounting standards in the insurance industry has forced a modification to AM Best’s annual ranking of top reinsurance groups for 2023.
The re-engineering of this highly watched industry ranking has been necessitated by the lack of comparability created through the adoption of IFRS 17, which shifts the traditional focus from premiums written and earned to one based on insurance revenue that gauges the amount an insurer has earned for service rendered.