At the end of 2018, Milliman conducted a global survey to measure the preparedness of insurers and reinsurers for the new accounting standard, International Financial Reporting Standard 17 (IFRS 17). The survey aimed to gauge the progress that firms have made in translating the standard into business as usual (BAU) processes and to compare the progress made in different markets. This report focuses on the UK and European markets and summarises the responses received from 36 companies across the EU, drawing comparison to the preparedness of firms globally where notable.

We look forward to hearing your questions and comments on the survey results, noting that this paper only outlines a portion of the 75 questions covered in our survey so please do get in touch if you are interested in benchmarking a particular aspect not covered in this paper.