The Saudi Central Bank (SAMA) organized an event on Sunday, 18 September 2022 on the transition of Saudi insurance sector to International Financial Reporting Standard number 17 (IFRS17), where opening remarks were given by vice governor for Supervision & Technology at the Saudi Central Bank Dr. Khaled Al-Dhaher. The new Standard will be implemented from 1st January 2023, and it is aimed at increasing the transparency and consistency of reporting by insurance companies. Compared to the current financial reporting standard, namely IFRS4, the new Standard aims to provide more insightful information to the users of the financial statements of insurance/reinsurance companies. The event follows in continuation of SAMA's efforts to develop the insurance sector through effective support, supervision and control, to complete IFRS 17 transition in a smooth manner. During the Event, SAMA's team presented the summary of the recent dry-run results, SAMA's observations and future expectations from companies in the insurance sector. The Event also included several panel discussions with the relevant stakeholders in the insurance sector, representing the Chairmen of the Audit Committees, Chief Financial Officers, Appointed Actuaries and Head of Actuarial functions. It is worth mentioning that this shift to IFRS 17 is one of the biggest developments in the insurance sector, and it comes in a step to strengthen the Kingdom's leading role in this standard.
