South Korea insurers prepare to face new accounting and solvency rules

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      <subfield code="a">South Korean non-life unsurers are beter positioned than their counterparts to weather the impact of adopting the International Financial Reporting Standards 17 (IFRS 17) accounting standard and K-Insurance Capital Standard (K-ICS) solvency regime by 2022. The simultaneous implementation of the two frameworks is likely to take a heavy operational toll on the market, while insurers also face a pressing need to revamp business strategies -companies will need to restructure product mixes and investment portfolios, as well as raise capital under the new accounting and solvency regimes.</subfield>
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