What will IFRS 17 mean for Hong Kong insurers?

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. What kind of change will the new standard for insurance contracts introduce?

  2. What will insurers need to do to comply with the new rules?

  3. What percentage of insurers in a recent webcast have begun preparing for the change?

  4. Why is the new accounting standard particularly challenging for Hong Kong?

  5. What is the ultimate aim of IFRS 17?

  6. What is one of the main complaints about IFRS 17?

  7. Name one of the three main changes in the new standard?

  8. What is expected to be the biggest impact on insurers as a result of the new rule?

  9. What other business impact will IFRS 17 have?

  10. IFRS 17 could unleash another challenge for insurers, what is it?