Bosnia and Herzegovina: application of the IFRS 17 extended until 01.01.2026

7 February 2023 —
The Insurance Supervisory Agency of the Federation of Bosnia and Herzegovina in January 2023 held a meeting with the management of (re)insurance companies, where it was pointed out that in 2022 life and non-life insurance registered an increase, the insurance market is still dominated by motor insurance and that the market can be considered as also stable and sustainable.

At the meeting the participants also discussed International Financial Reporting Standard 17 (IFRS 17) and readiness of the insurance sector to implement the standard, as well as upcoming activities related to preparation of the implementation.

"Given the low level of readiness of insurance companies when it comes to implementation of IFRS 17, in the third quarter of 2022 the Supervisory Agency created an Action Plan, based on which the Federation of Accountants, Auditors and Financial Workers of the FBiH made a decision to extend application of the standard until 01.01.2026. Insurance companies with the support of the Supervisory Agency should make the most of the next three years and adequately prepare for full implementation of the standard. To provide adequate preparation support, a working group is being formed in the insurance sector of the Federation of Bosnia and Herzegovina, which will consist of representatives of the Association of Insurance Companies in FBiH, the Actuarial Society and the Supervisory Agency", the Agency said.