THE Philippine Insurance Industry is gearing up for the January 2025 start of the IFRS17, an international financial reporting standard for insurance contracts locally known as PFRS17. However, in a survey conducted by PIRA, its trade association, 39 out of its 55 member companies have responded, saying only 16 out of the 39 companies are ready with a process to be able to provide the quantitative impact assessment that IFRS17 calls for, with the remaining 23 in various stages of being ready. It must be noted that IFRS17 has significant implications for the general insurance industry.

Here are some of the pros and cons: