Keeping pace with evolving Insurance Accounting Change is challenging. Highly complex, the magnitude of these changes should not be underestimated. The proposed standards will undoubtedly introduce more volatility to equity and the profit or loss account and there is no question that an insurers’ financial statements would look very different compared to today. Insurers would be likely to feel the consequences throughout their organisations. If insurers start planning now, the wave of change could open up opportunities for synergies in areas such as data collection, modelling capability and investment in systems and resources.