Key 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, pubished 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 research paper
- A sessional meeting in 2020
- A presentation at the Life Conference in 2019
- An article in The Actuary - June 2020
- Management Information Article in May 2020
| Chair: | Wijdan Yousuf |
|---|---|
| Membership: | 15 |
| Established: | 2018 |
Contact Details
If you want more information about this research working party please contact the Communities Team.
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Events calendar
-
Behavioural Science Series with Keith Grint - Wicked Problems, Clumsy Solutions and Leading Change
19 April 2021
Wicked Problems, Clumsy Solutions and Leading Change -
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called 'Minimizing longevity and investment risk while optimising future pension plans'. -
Professional Skills Training Webinar - 21 April 2021
21 April 2021
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the JFAR Risk Perspective bringing the Risk Perspective to life with practical illustrations and insights from subject experts from the IFoA and other Regulators -
Recent decades have seen institutions, such as employers and financial services, give people more choice and flexibility, but these freedoms have come with more responsibilities. Individuals are now responsible for managing more of their own financial risks, from ensuring they put enough money into their pension to securing affordable protection to be financially resilient.
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Actuarial Innovation in the COVID-19 era
This event is online.26 April 2021 - 7 May 2021
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a hackathon, that showcase the range of ways in which the actuarial profession has added value, in the public interest, to the understanding and management of the current and future pandemics through insight and learning. -
This event is now temporarily closed on Monday 26 April, but the session will be repeated on Tuesday 27 April, 09.00-10.30. Please click here to register your place.
Actuaries have a lot to offer biodiversity management over the next decade as the world develops more depth to its response to this global challenge. This sessional offers an opportunity to learn about this emergent risk, to contribute to our thinking as a profession and help us develop the next steps forward.
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Europe Town Hall
28 April 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual Europe Town Hall, hosted by John Taylor with IFoA Council Members Alan Rae, Jennifer Hartley, Maribel Vasquez Flores and IFoA Chief Executive, Stephen Mann.
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Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work -
Finance & Investment Virtual Conference 2021
Available to watch globally in May.10-12 May 2021
This year's Finance and Investment Virtual Conference takes on the timely theme of ‘resilience’, something we have all learnt a lot more about in the last year! Our diverse range of talks will explore the theme of resilience in a variety of ways including in building robust investment portfolios, in the incorporation of ESG factors, in govern -
Wearables in insurance: a win-win opportunity
14 May 2021
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity. -
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list. -
CILA 2021
Available to watch globally in May.19-21 May 2021
We continue to live in a world of global uncertainty. Survival depends on our ability to simultaneously navigate through the diverse root-causes, ranging from: the consequences of Climate Change; on-going financial consequences of the COVID pandemic; or self-imposed changes in regulatory requirements and accounting standards. -
Pensions Conference 2021
Online webinar series16-22 June 2021
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.
Wicked Problems, Clumsy Solutions and Leading Change
Dr Catherine Donnelly will present the basics of the structures for pooling longevity risks and summarise recent research results in this area in addition to outlinging future research around this topic. This is work under a research programme funded by the IFoA's Actuarial Research Centre, called '
Climate-Related Risk - This free to view webinar on Climate-Related Risk is the first in a series focusing on some of the ‘Hotspots’ identified in the 
Join us for this brand new IFoA webinar weries comprising of a fortnight of webinars, panel sessions and a 
Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis. However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year. This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work
This talk will explore the potential benefits that wearable tech can bring to health & protection insurers and their customers. The traditional approach of integrating wearables into insurance has largely focused on measuring steps and using rewards-based incentive programs to encourage more activity.
Join us for this talk with Professor Sir Adrian Smith as part of the 'Dr Patrick Poon Presidential Speaker Series'. Professor Smith joined The Alan Turing Institute as Institute Director and Chief Executive in September 2018. In November 2020, he became President of the Royal Society, in addition to his leadership of the Turing. He is also a member of the government's AI Council, which helps boost AI growth in the UK and promote its adoption and ethical use in businesses and organisations across the country. He received a knighthood in the 2011 New Year Honours list.
Welcome to the programme for our 2nd Virtual Pensions Conference. This year's conference features 11 webinars offering members and non-members the opportunity to get up to date content from leading experts in the pension industry. There will also be opportunity to ask questions and contribute to the discussion.