IFRS 17 requires entities to identify portfolios of insurance contracts, which comprise contracts that are subject to similar risks and are managed together.
InsuranceERM published a Q&A interview with Moody's Analytics that provides practical insights on some aspects of the IFRS 17 implementation.
The average insurance company is unprepared for the data quality requirements of the new regulation. This presentation goes through the challenges insurances companies face: the actuarial function judgment for the calculation of best estimates, the accumulation of non-essential data for many decades, and the duplication of data and inconsistency of values. Data Quality Assessment is the core requirement for Insurance companies to face those challenges.