Approximately one-third of global insurers now expect to spend over 50m (£45m) complying with IFRS 17 regulation, up from less than a tenth five years ago.
That is according to new research from Deloitte, which also finds that 90% are confident they will be ready for the reporting standard when it comes into force at the start of 2021.
However, concerns remain around technology, with 87% of insurers saying their systems will require upgrades to capture the data, and perform the calculations, needed for compliance.
Deloitte's global IFRS insurance leader, Francesco Nagari, said insurers will need granular data that goes "significantly beyond" what is required for current accounting practices.
"However, the findings demonstrate that many more insurers are now working extensively, and with substantial budgets, to be compliant in time," he continued.
"2021 is a challenging and critical milestone, but it will mark an important step towards one universal accounting language, improving transparency and comparability."
The research involved surveying 340 insurance executives from global insurers across the world, and was carried out by the Economist Intelligence Unit on behalf of Deloitte.
It was found that confidence around IFRS 17 compliance varied by insurer type, with 60% of health insurers "very confident", compared with around 37% of life insurers.
Capturing data inputs was cited as the largest technological challenge facing companies, with insurers making significant investments in specialist talent to implement new systems.
However, Deloitte said insurers are reporting labour shortages, and struggling to find individuals with the required actuarial and accounting expertise.
"Part of this challenge is that the data required to meet the standard will need to come from a wide range of areas and be processed in new ways," Deloitte UK partner, Andrew Spooner, said.
"Ultimately, this will require stronger cultures of collaboration, brought together by individuals who can piece together the aspects of IT, actuarial and finance most impacted by IFRS 17."
Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession