Pakistani insurers and reinsurers urged to adopt IFRS17 standards

The Pakistani supervisory authority (SECP) has called upon local insurers and reinsurers to comply with the new IFRS17 standards [4] by 1 January 2026 at the latest.

Effective starting 1 January 2023, these accounting standards are meant to improve the quality of information provided by insurance companies and enhance international comparability.

In an effort to support the sector in its transition to IFRS17, SECP has developed a four-phase strategic approach:

1. gap analysis
2. financial impact assessment
3. System design and methodology
4. Simultaneous implementation of accounting systems

Insurers have completed the first two phases and are currently in phase three.