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VOL. 9, ISSUE 1 (2024)
Factors affecting IFRS 17 implementation in the insurance industry: A case of Zambia
Authors
Mable Nkhubezu Nundwe, Chanda Lengwe
Abstract
The research aimed at investigating factor
affecting IFRS 17 implementation in the insurance industry in Zambia with the
view of developing strategies that could enhance the IFRS 17 implementation. The implementation of IFRS 17 in the Insurance Industry has been long
overdue though with challenges. A qualitative and
descriptive research design was used targeting 13 insurance companies.
Selective sampling and semi-interview guide were employed to gather data from
participants. Data collected was analyzed using
themes and verbatim transcriptions derived from interviews conducted in the
field. The study established that 77% of the respondents were not adequately
prepared to implement the IFRS 17 for several reasons all
emanated from the challenges faced. This research found
that generally much progress in the preparedness was evidenced among
Multinational organizations as they are leveraging knowledge, skills, financial
resources and technology from the group. The major challenges being faced include significant implementation
costs; challenge of understanding the operational impact on data, systems and
process; IT system and process development; first time implementation
challenges and lastly insufficient time to implement. On challenges faced by
prudential regulators, they include limited availability of technical
expertise, first time implementation as well as adapting national regulations
and frameworks to align with IFRS 17. The Study recommends a number of
strategies aimed at enhancing Insurance companies and statutory bodies
readiness to implement IFRs 17.
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Pages:48-55
How to cite this article:
Mable Nkhubezu Nundwe, Chanda Lengwe "Factors affecting IFRS 17 implementation in the insurance industry: A case of Zambia". National Journal of Multidisciplinary Research and Development, Vol 9, Issue 1, 2024, Pages 48-55
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