Insurance carriers struggling with IFRS reports

Most insurance carriers in the London Market cannot cope with the Financial Services Authority's (FSA) International Financial Reporting Standard (IFRS) reports, the mananging director of software specialist Sequel has said.

David Smith believes carriers' IT systems are held together with 'strings and spreadsheets', and has advised firms to invest in new technology to avoid mounting future costs.

"We estimate that up to 70% of carriers are going to be struggling to cope with the dual challenge

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