IPEC conducts IFRS 17 Training for Funeral Assurers
The Insurance and Pensions Commission (IPEC) yesterday conducted a capacity-building training for funeral assurers and their actuarial advisors on the International Financial Reporting Standards (IFRS) 17 compliance requirements, in Harare.
All insurance entities were required to comply with IFRS 17 effective 1 January 2023 as per the Public Accountants and Auditors Board (PAAB) – the regulatory authority of accounting standards in Zimbabwe. This includes the submission of annual and quarterly returns to IPEC, which the Commission uses to produce the sector’s reports.
However, due to capacity challenges and skills gaps, the funeral assurance sector has struggled to comply with the requirement, leading to IPEC not producing quarterly reports for the funeral assurance sector since the quarter-ended 31 December 2023.
In her opening remarks at the workshop, IPEC Director of Insurance Supervision, Mrs Sibongile Siwela, underscored the significance of the transition.
“IFRS 17 is not just a change in how we present numbers, it fundamentally transforms how we measure, recognise, and communicate the financial health of our insurance businesses,” she said.
“There are some fundamental issues that the industry needs to reflect and address, including putting in place the appropriate systems and skills, without which the challenges will still remain.”
She also stressed that the session was not about fault-finding but about solution-building.
The training focused on unpacking IFRS 17 principles, clarifying measurement models, and addressing reporting gaps. Discussions were highly engaging and productive, with the funeral sector committing to produce accurate returns going forward.
IPEC remains committed to working collaboratively with all industry players to enhance reporting quality, strengthen transparency, and build capacity for a resilient and well-regulated sector.
