Going through a set of simplified yet illustrative numerical case studies, the attendees will develop an understanding of the main challenges raised by the future IFRS 17 standard on their insurance business and reinsurance program.
Insurance professionals whose functions is related to business and financial strategy: Reinsurance managers, Head of strategy, Head of business units
Thursday 27 May, 2021 - 10:30 - 12:00 (CET)
A new measure of profitability for the (re)insurance business
Maybe the most fundamental change introduced by IFRS 17 is the way insurance liabilities will be assessed on a balance sheet, moving closer to their “fair value” while also considering the company’s own views on the risk involved.
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.
Friday 28 May, 2021 - 10:30 - 12:00 (CET)
Consequences on reinsurance programs
The impact of IFRS 17 on reinsurance programs should be minimal. Reinsurance treaties will continue to mitigate risk in the same way as under current accounting rules.
This presentation will cover some other consequences of IFRS17 to have in mind when designing the reinsurance program.