Friday 18 September
11:15 - 12:30
Monday 21 September
10:30 - 11:30
The attendees will develop an understanding of the main challenges raised by the future IFRS 17 standard on their insurance business and reinsurance programme
Insurance professionals whose functions are related to business and financial strategy: Reinsurance managers, Head of strategy, Head of business units.
1st session - A new measure of profitability for the (re)insurance business
IFRS17 introduces “monetarization of volatility” on the balance sheet, thus allowing to assess if the present value of expected future cash-flows is sufficient to compensate for the risk. This presentation will explain the concepts of risk-adjustment (RA), contractual service margin (CSM) , loss component and onerous contracts at the core of IFRS17. Several case studies will highlight the main consequences on the P&L and the strategic business challenges set by the new standard for (re)insurance companies.
2nd session - Consequences on reinsurance programs
IFRS 17 reaffirms the separation between assumed and ceded business. Even though reinsurance remains an efficient tool to mitigate the risk, this “reinsurance asymmetry” would increase focus on the underwriting performance of the gross portfolio.
This presentation will cover some other consequences of IFRS17 to have in mind when designing the reinsurance program