IFRS 17 Webinar 1 - Level of Aggregation
22 April 2022
With IFRS 17 fast approaching, insurance accounting professionals are seeking further detail and training on the potential application of this standard. This is the first webinar in the IFRS 17 webinar series and sets the scene for future webinars.
This webinar has been designed to provide further clarity on the concept of “Level of Aggregation” and how the standard applies to portfolios, profitability groups and issuance groups.
IFRS 17 Webinar 2 - Core Measurement Components
29 July 2022
This is the second webinar in the IFRS 17 webinar series and delves deeper into some of the IFRS 17 concepts introduced previously. This webinar aims to help you gain a better understanding of some of the key IFRS 17 terms through both a technical and intuitive lens. Where the first webinar outlined the requirements to sort insurance contracts into different groups, this one unpacks the different elements required to financially quantify contracts within a given group. Questions addressed in this session include:
What does the Premium Allocation Approach (PAA) and the General Measurement Model (GMM) mean and how are they different in principle?
What is the meaning of the contractual service margin (CSM) and what do I need to do?
What is a fulfilment cash flow (FCF) and what are its components?
What is the meaning of the liability for remaining coverage (LfRC) and the liability for incurred claims (LfIC)?
Do we still need to discount our cash flows and add a risk margin?
Do we need to alter any of our actuarial reserving methodologies?
Please note that the following areas are not covered in detail in this webinar:
Mechanical applications of the PAA and GMM to determine the insurance liabilities
Onerous contracts
IFRS 17 Webinar 3 - Mechanics of the PAA and GMM
2 December 2022
This is the third webinar in the IFRS 17 webinar series and is focused on the mechanical applications behind some of the concepts that were introduced in the previous webinars. Where the previous webinars outlined IFRS 17 levels of aggregation and key IFRS 17 terms, this one examines the mathematics behind the measurement of IFRS 17 liabilities within a given group. Questions addressed in this session include:
How do the Premium Allocation Approach (PAA) and the General Measurement Model (GMM) differ in principle?
How is the contractual service margin (CSM) calculated?
How can we determine the fulfilment cash flow (FCF) components?
How can we calculate the liability for remaining coverage (LfRC) and the liability for incurred claims (LfIC) under the PAA and the GMM?
Under what scenarios might the LfRC differ between the PAA and GMM?
Is your product eligible to be measured under the PAA?
IFRS 17 Webinars and Slides
During 2022, Real Value Consulting conducted a few webinars (hosted by the FSAA) on IFRS 17. The webinar slides and links to the recordings are provided here.