일상생활속 금융, 증권이야기

The introduction of the new insurance accounting standard, IFRS17, The introduction of the new insurance accounting standard, IFRS17, in the first quarter of 2024 has brought significant changes to the insurance industry. One of the most notable changes is the increased importance of Contractual Service Margin (CSM), which has led to a surge in the influence of General Agencies (GA) that excel in securing high volumes of CSM. As a result, insurance companies have been actively entering the GA market through subsidiaries and equity investments, leading to an overheating market. This blog post explores the background of the GA market overheating following the implementation of IFRS17, the resulting issues, and potential solutions. IFRS17 requires insurance companies to recognize the expected future unrealized profits from insurance contracts as a present value liability, which is gradually amortized and recognized as operating profit over several years. This has made CSM a critical growt...