New Delhi, Nov 21 India’s transition to Ind AS/IFRS 17, a new way to account for insurance contracts and a risk‑based capital regime (RBC) will improve transparency, comparability and capital adequacy of the insurance companies, a report said on Friday.
A joint report from ASSOCHAM and PwC India report said that the combined reforms will form the foundation for the government’s vision of Insurance for All by 2047 and Viksit Bharat@2047.
IFRS 17 will re‑architect insurance accounting significantly, with more granular disclosures and clearer distinction between insurance and investment results. Further it will lead to profit recognition connected to delivery of insurance services, the report said.
The risk‑based capital framework will quantify market, life, non‑life, counterparty default and operational risks, anchored in an economic balance sheet approach, the report added.
“India’s insurance sector is at a transformative moment, driven by digital innovation, stronger regulation and a renewed national commitment to sustainability," said Manish Singhal, Secretary General, ASSOCHAM.
“This transition is a strategic opportunity for insurers to strengthen trust, improve risk resilience and reimagine financial management. The organisations which modernise their data, actuarial and finance capabilities will be better positioned to drive sustainable growth in a rapidly evolving market,” said Amit Roy, Partner and Leader – Insurance and Allied Businesses, PwC India.
The report highlighted the importance of centralised data platforms, actuarial modernisation, automation and advanced analytics to enable timely, accurate and strategic financial decision-making.
IRDAI has completed gap assessments and set timelines for proforma Ind AS 117 submissions — with the first cycle due in December 2025 and the second in June 2026.
The RBC QIS2 exercise concluded on October 15, 2025, with additional guidance and milestones expected in due course, the report said.
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