What are the main changes to the current practice will be brought by the IFRS 17 Insurance Contracts?

Thank you very much for your kind invitation to answer your question which related to insurance accounting while the  insurance and reinsurance underwriting is my specilization having an experience and cotribution in Bayt .co speciality related to  . however after refer to an interent seaarch have come to know that IFRS 17 replacing the old one existing  on 2004 IFRS 4 with improvement enables the accounting system under IFRS 17 to asses and evalute the balance items and loss & profit better and more efficient than the old one IFRS 4 , besides the new one 17 able to make comparision between insurance copmany with each others and insurance sectors with non - insurance sectrs .

It is still experts see the new 17 IFRS system is more costy than the old one IFRS 4 of 2004.

                        Very best wishes .

Insurance contract liabilities will be measured in a different way to existing accounting standards. Premiums will no longer be presented on the face of the P&L