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Insurers updated on the new accounting standards -IFRS9..

IRA CEO Alhaj Kaddunabbi Ibrahim Lubega welcomes Mr. Wilson Kaindi a senior manager at KPMG to make a presentation at the CEOs' breakfast meeting on 25th January 2018.

The insurance sector is set to change the way it will be reporting on its investment portfolio and other financial instruments. This comes in awake for insurers specifically to comply with the International Financial Reporting Standard 9 (IFRS 9), which became effective 1st January 2018.

While orienting industry Chief Executive Officers at a breakfast meeting on 25th January, 2018 at Serena Hotel, Wilson Kaindi the Senior Manager at KPMG said, under the new accounting standard insurers will be required to switch to expected credit loss approach of impairment, as opposed to the incurred loss approach which is being used under the current accounting standard.

“In essence, insurers will have to make provisions in anticipation of future losses, rather than the current practice of making provisions only when losses occur,” Kaindi said adding that insurers will therefore have to ensure that financial assets are classified appropriately. 

The IRA Chief Executive Officer Alhaj Kaddunabbi Ibrahim Lubega, said it is important that as industry players, you continuously re-invent yourselves and adapt to the changing demands and needs of our market. He urged players to consider adopting the standard early so that the sector improves its financial reporting.

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