Insurance Contracts

A five-day workshop convened Montenegro sector stakeholders in support of ongoing efforts to modernize insurance accounting and embrace sustainability reporting. Attended by 35 participants, the five-day event organized by the World Bank Centre for Financial and Sustainability Reporting Reform (CFRR) focused on International Financial Reporting Standard (IFRS) 17: Insurance Contracts. It was designed to equip industry professionals with a comprehensive understanding of the standard’s requirements, in anticipation of the mandated first implementation in 2027.

A five-day workshop convened North Macedonian insurance sector stakeholders in support of ongoing efforts to modernize insurance accounting and embrace sustainability reporting. Attended by 55 participants, the five-day event organized by the World Bank Centre for Financial and Sustainability Reporting Reform (CFRR) focused on International Financial Reporting Standard (IFRS) 17: Insurance Contracts. It was designed to equip industry professionals with a comprehensive understanding of the standard’s requirements, in anticipation of the mandated first implementation in 2028.

A five-day training event aimed to strengthen financial reporting in the insurance sector took place in Pristina, Kosovo, June 9-13, 2025. It was organized by the Center for Financial and Sustainability Reporting Reform (CFRR) under its regional program, Enhancing Accounting, Auditing, and Sustainability Reporting Program (EAASURE), co-funded by the Austrian Ministry of Finance, the Swiss State Secretariat for Economic Affairs (SECO), and the Austrian Development Cooperation (ADA).

On June 26, 2024, the 3rd online workshop on IFRS 17 – Insurance Contracts implementation challenges, grouped 27 participants representing insurance regulators in the Western Balkans and the Caucasus to participate in a discussion with the World Bank Centre for Financial Reporting Reform.  Two countries from the Caucasus, Georgia and Ukraine, experienced the implementation of IFRS 17 – in 2023. All Western Balkan countries under the program, have delayed the implementation of IFRS 17.

A comprehensive training series for the Albanian Financial Supervisory Authority (AFSA) has commenced, with the inaugural sessions taking place from April 16-18, 2024, in Tirana, Albania, as part of the Strengthening Quality of Auditing and Reporting Project (SQARP).

The world is seeing growing challenges that are affecting the real – and the financial economy, including banking and insurance companies. In the last two years, countries in Europe and Central Asia (ECA) are seeing the gains of ten years of reform and investment for inclusive growth and shared property drastically diminished by the Covid-19 pandemic, adverse climate events, and the war in Ukraine; these events have been disrupting supply chains and led more recently to rapid changes in prices of energy, food, and commodities, leading to inflation and rising interest rates.