IFRS 17 Insurance Contract

In May 2017, the International Accounting Standards Board (IASB) issued IFRS 17, ‘Insurance Contracts’, and thereby started a new epoch of accounting for insurers.  Whereas the current standard, IFRS 4, allows insurers to use their local GAAP, IFRS 17 defines clear and consistent rules that will significantly increase the comparability of financial statements. 

For insurers, the transition to IFRS 17 will have an impact on financial statements and on key performance indicators.

This workshop is aimed at helping professionals in the insurance industry develop key skills required to account for insurance and re-insurance contracts in line with the IFRS 17 guidance.

Learning Objectives

• Gain practical knowledge of the application of the IFRS 17 Insurance Standard
• Obtain skills to compute and perform required calculations to apply IFRS 17
• Obtain skills required to design templates and models required for full compliance with IFRS 17

Key Topic

• Separating components from an insurance contract
• Aggregation of insurance contracts
• Initial recognition of insurance contracts using General or Core model, Premium Allocation and Variable Fee Approach
• Estimating fulfilment cashflows
•  Estimating Discount rate using top down and bottom up
•  Estimating risk adjustment for non-financial risk
•  Estimating contractual service margin
•  Subsequent measurement using using General or Core model, Premium Allocation and Variable Fee Approach
•  Initial recognition and subsequent measurement of reinsurance contracts
•  Derecognition and modifications
•  Presentation and disclosures
• Transition

Methodology

• Instructor guided presentation.
• Case studies
• Discussion session
• Scenario and Case study sessions

What to Expect

• Instructor guided presentation.
• Discussion session
• Scenario and Case study sessions
• Expert facilitation
• Souvenirs

Practical Examples