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In 2017, after more than two decades of debates, outreach and
Exposure Drafts, the IASB finally published the new IFRS 17
standard for Insurance Contracts. After additional three years of
further debates on several actuarial and accounting-related aspects
of the implementation, the IASB issued amendments to IFRS 17 on 25
June 2020, which included a postponed effective date of IFRS 17 by
two years to allow for an orderly adoption and at the same time to
enable more insurers to implement the new IFRS 17. The new standard
is now effective since 1 January 2023 and changed fundamentally the
way insurance companies present their obligations and their
financial performance stemming from insurance contracts according
to IFRS.
As evolving experience shows, actuaries play a key role in this
area. The standard requires many fundamental decisions, which
determines the amount and profile of IFRS results for years to
come. Complex measurement models have been developed and the
collaboration and communication with accounting functions has
become more intense and more complex. Actuaries need to explain the
actuarial valuation output as well as the impact of applied
accounting decisions and the corresponding consequences for the
financial statements to their top-management.
In the web session, we will first shed a light on the context of
accounting for insurance contracts within the IFRS 17 framework. We
will present and discuss the general concepts behind the new model
and refer to the application of valuation models like the Variable
Fee Approach (VFA) and the Premium Allocation Approach (PAA). The
web session will proceed with a discussion of topics specific to
individual lines of business. We will close with an overview of
methodical most relevant topics seen in various European markets,
share emerging market experience and discuss these with the
participants.
Overall, the goal is to enable participants to understand the
standard and help transferring the requirements into your specific
situation. It is thus intended to prepare participants for model
development, implementation, testing, reviewing and consulting with
management, accounting and auditors.
The early-bird discount is available for bookings
made by 27 March 2025. |
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