Financial risk

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.

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.