HONG KONG, Aug 27 (Bernama-BUSINESS WIRE) –AM Best viewsSouth Korea’s non-life insurers as being in a better position than their life counterparts to weather the impact of the International Financial Reporting Standards 17 (IFRS 17) accounting standard and K-Insurance Capital Standard (K-ICS) solvency regime when they take effect.
In a new Best’s Special Report, titled, “South Korea Insurers Prepare to Face New Accounting and Solvency Rules,” AM Best states that the simultaneous implementation of the two frameworks by 2022 is likely to take a heavy operational toll on the market. Additionally, insurers face a pressing need to revamp business strategies, as companies will need to restructure product mixes and investment portfolios, as well as raise capital under the new accounting and solvency regimes.
