Significant progress was achieved last week in Pakistan’s insurance industry as EFU General Insurance partnered with Prima Consulting to adopt Prima Consulting’s advanced Delta System. This collaboration empowers EFU General to proactively address the forthcoming challenge of IFRS 17 compliance. IFRS, the globally recognized accounting standards, places specific emphasis on insurance contracts through IFRS 17. With the Securities and Exchange Commission of Pakistan (SECP) mandating its implementation by January 1, 2026, EFU General is taking a decisive step towards ensuring a smooth and efficient transition. On May 9, 2024, a momentous occasion unfolded as the leadership teams from both organizations shared valuable insights, finalized the details, and formalized the agreement through a handshake. Representatives from Prima Consulting: 1. Sumair Sayani — Director of AI & Technology 2. Shabih Ahmed Arif — Director of Actuarial 3. Ibrahim Zahidie — Director of Advisory & Transformation Representatives from EFU General Insurance Ltd.: 1. Kamran Arshad Inam — Managing Director and CEO 2. Altaf Qamruddin Gokal — Deputy Managing Directors 3. Kashif K Gilani — Senior Vice President Finance 4. Najmul Hoda Khan – FCA, FPFA — Senior Executive Vice President and Deputy CFO 5. Munawar Salemwala — Assistant Executive Director The signing ceremony exuded optimism and collaboration, underscoring the significance of this partnership for the future of Pakistan’s insurance sector.
