Key objectives:
- Identify IFRS 17 implementation challenges faced by life insurers globally other than those covered by existing working parties
- Identifying possible interpretations and approaches to tackling those challenges
- Consider the operational as well as technical implications of the different approaches to ensure that recommendations are proportionate
- Provoke thought leadership and innovation within the industry through presentations at various forums to gain wider input.
Previous objectives:
- Analysing the technical, operational, and financial impacts that arise with respect to the calculation of the CSM at initial recognition and subsequent measurement. These include issues pertaining to:
- contract boundaries
- ‘locked-in’ financial assumptions
- coverage units
- reinsurance contracts held
- loss components
- with-profits funds
- transition
- the impact on management information and relevant KPIs
- In addressing these issues, the working party will also consider existing literature and research material produced by relevant stakeholders (e.g. IASB and TRG; EFRAG; IFoA and other international actuarial associations; ICAEW and other accountancy bodies; consulting and audit firms; regulators and national standard setters)
Key outputs:
- A presentation to Yorkshire Actuarial Society (YAS) on 6 March 2019
- A LinkedIn Article: IFRS 17 Contractual Service Margin (CSM) Working Party, published on 2 March 2019
- A LinkedIn Article: Locked-in assumptions, published on 12 March 2019
- A LinkedIn Article: Transition, published on 18 March 2019
- A LinkedIn Article: Variable Fee Approach, published on 16 April 2019
- A LinkedIn Article: Fair value transition, published on 1 May 2019
- A LinkedIn Article: Adjustments to coverage units, published on 23 May 2019
- A LinkedIn Article: Identification of coverage units, published on 29 May 2019
- A LinkedIn Article: Determining the CSM - operational approaches using prior information, published on 11 June 2019
- A LinkedIn Article: Discounted vs undiscounted coverage units, published on 18 June 2019
- A LinkedIn Article: How to choose the measurement model, published on 17 July 2019
- A LinkedIn Article: Profit profiles under IFRS 4 and IFRS 17, published on 17 July 2019
- A LinkedIn Article: Modified Retrospective Approach, published on 17 July 2019
- A LinkedIn Article: Order of adjustments, published on 19 July 2019
- A LinkedIn Article: Determining the risk adjustment at the group of contracts level, published on 19 July 2019
- A LinkedIn Article: Transition - fair value vs modified retrospective, published on 11 August 2019
- A LinkedIn Article: Loss components_changes in FCF using current or locked in interest rates, published on 11 August 2019
- A LinkedIn Article: Aggregation of reinsurance contracts held, published on 23 September 2019
- A LinkedIn Article: Calculating value at initial recognition, published on 23 September 2019
- A LinkedIn Article: Challenges of proportionate reinsurance contracts held, published on 23 September 2019
- A LinkedIn Article: Discount rates at initial recognition, published on 7 October 2019
- A LinkedIn Article: Reinsurance contracts held - contract boundaries and recognition dates, published on 7 October 2019
- A LinkedIn Article: Reinsurance and the risk mitigation option, published on 23 October 2019
- A LinkedIn Article: Why do loss components need to be amortised, published on 6 November 2019
- A LinkedIn Article: Comparing various loss component amortisation methods, published on 6 November 2019
- A LinkedIn Article: Advanced considers for loss components, published on 6 November 2019
- A LinkedIn Article: Setting consistent assumptions for reinsurance contracts held, published on 6 November 2019
- A LinkedIn Article: IFRS17 Determining contract boundaries under IFRS 17, published on 18 November 2019
- A LinkedIn Article: IFRS 17 Impact on KPIs, Published on 18 December 2019
- A Linkedin Article: IFRS 17 CSM Adjustment for Experience Variances, published on 13 January 2020
- A Linkedin Article: IFRS 17_Estimating future new business for reinsurance contracts held, published on 28 January 2020
- A presentation at the Life Conference in 2019
- An article in The Actuary - June 2020
- Management Information Article in May 2020
- Sessional Meeting and Final Paper: A Life Insurance Perspective Oct 2020
| Chair: | tbc |
|---|---|
| Membership: | 15 |
| Established: |
2018 / relaunched 2021 |
Contact Details
If you want more information about this research working party please contact the Communities Team.
Filter or search events
Events calendar
-
Climate Solvency The Actuaries Carbon Collaboration: Applying Actuarial Concepts to Carbon Emissions
6 July 2022The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.
Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.
-
Sessional Meeting: Data and Modelling Considerations for mental health in life insurance
11 July 2022This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.
-
Pensions Dashboards
12 July 2022As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.
-
Crisis Management and Boards
18 July 2022Crisis management, the process by which an organization deals with a disruptive, sudden and unexpected event that threatens to harm the organization or its stakeholders, has become a key concern in the light of the Pandemic and Geopolitical risks.
-
Applying AI – From Concept to Practice
19 July 2022Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.
Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.
-
This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
-
This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.
-
Sessional Meeting: Covid-19 and the Effectiveness of ERM Frameworks
Online15 August 2022The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.
-
The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar. Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity. This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations. Attendees will be invi
-
Health – Our Greatest Asset
2 November 2022Health contributes to happiness at the personal, family, community and societal level. Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.