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IFRS 17

Deloitte announcement on IFRS17

On 18 May 2017 the International Accounting Standards Board (IASB) published IFRS 17 Insurance Contracts. The effective date for IFRS 17 is set for 1 January 2021.

A summary of September's IFRS 17 TRG meeting

Save the date – Tuesday, 2 October 2018

Join us on Tuesday, 2 October for a live webcast when Deloitte's Global IFRS Insurance Leader and a member of the IFRS 17 Transition Resource Group (TRG), Francesco Nagari, will summarize the highlights and outcomes from the TRG's third meeting taking place on 26 and 27 September in London.

During the meeting, the TRG is scheduled to discuss the below areas:

  • Insurance risk consequent to an incurred claim;
  • Determining discount rates using a top-down approach;
  • Commissions and reinstatement premiums in reinsurance contracts issued;
  • Premium experience adjustments related to current or past service;
  • Cash flows outside the contract boundary at initial recognition;
  • Recovery of acquisition cash flows;
  • Premium waivers;
  • Group insurance policies;
  • Industry pools managed by an association;
  • Annual cohorts for contracts that share in the return of a specified pool of underlying items; and
  • Report on other submissions not tabled for individual discussion.

At the end of the webcast, participants are invited to join a live Q&A session with Francesco.

Contact us to request joining details.

The webcast will be presented live at the following times:

  • 1:00 p.m. HKT (UTC +8)
  • 9:30 a.m. BST (UTC +1) | 4.30 p.m. HKT (UTC +8)
  • 9:30 a.m. EDT (UTC -4) | 2.30 p.m. BST (UTC +1)

Contact us to request joining details.

2021 countdown underway: Insurers prepare for IFRS 17 implementation

Global IFRS Insurance Survey 2018

A year after the Standard's publication and with just over two years until its mandatory "go-live" date, how are global insurers preparing to operate in the new financial reporting regime?

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Deloitte commissioned the Economist Intelligence Unit to survey senior executives and published the latest Global IFRS Insurance Survey, 2021 countdown underway: Insurers prepare for IFRS 17 implementation, aims to provide a comprehensive view of insurers' reactions to the new rules, as well as their perceptions on the scale and complexity of this major regulatory change, and the timelines surrounding system implementation necessary to achieve compliance. This webcast discusses key findings including:

  • Just enough time to get ready
    Global insurers are cautiously confident that they will meet the implementation date with 90 percent responding that they believe they will be compliant by 1 January 2021. Of this total, 45 percent indicated strong confidence to finish on time, with health insurers being the more confident sub-group at 60 percent, and life insurers, with only 37 percent, being the more cautious sub-group. From a regional perspective, Europe is more confident than other regions.
  • Upgrading technology is necessary
    87 percent of insurers believe their systems technology will require upgrades to capture the new data and perform the calculations required for compliance. Capturing data inputs was also cited as the largest technology challenge.
  • Significant implementation costs have been budgeted
    The majority of insurers have now set some expectations around budget, with results showing the expected spend to be significantly greater than expectations captured in 2013. 35 percent of insurers expect to spend more than EUR 50m to meet compliance, compared with only 7 percent five years ago.

Francesco Nagari, and Rashmi Dalai, the Managing Editor of Thought Leadership at the Economist Intelligence Unit and the editor of the Global IFRS Insurance Survey 2018 issued, share their views on the key findings the survey unveils in terms of how insurers globally are reacting to and preparing for the IFRS 17 implementation.

A summary of May's IFRS 17 TRG Meeting - Wednesday 9 May

On 2 May, the members of the IFRS 17 Transition Resource Group (TRG) met for the second time to discuss key IFRS 17 implementation issues. Our webcast, held on Wednesday, 9 May, summarized the outcomes of the TRG's discussions on six key papers relating to:

  • Determining quantity of benefits for identifying coverage units to account for the release of CSM in profit or loss;
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  • Risk adjustment in a group of entities and group risk diversification benefits;
  • Combination of insurance contracts;
  • Cash flows within the contract boundary arising from options to add coverage and when competition limits the practical ability of insurers to reprice fully contracts' risks;
  • Boundary of reinsurance contracts held with repricing mechanisms controlled by the reinsurer;
  • Implementation challenges outreach report.

The IASB Staff also reported on other implementation questions submitted but not tabled for detailed TRG discussion.

This webcast discusses:

  • The relationship between IFRS 17 and reward KPIs;
  • Which KPIs are affected and how they will change;
  • Broader effects of IFRS 17 on reward KPIs; and
  • An exemplary project plan in implementing the necessary changes.

Simon Walpole and Peter Devlin share their views on possible ways of addressing the challenges that IFRS 17 creates around the design of Total Rewards by creating customized solutions that integrate with the requirements of IFRS 17.

IFRS 17 Transition Resource Group Meeting highlights

14 February 2018

On 21 September 2017, the International Accounting Standards Board appointed the members of the IFRS 17 Transition Resource Group (TRG). Our latest webcast looked at the outcomes of the TRG's first meeting that took place on 6 February 2018, and discussed seven key papers relating to:

  • The separation of insurance components of a single contract;
  • The contract boundary of contracts with annual repricing mechanisms;
IFRS 17 Transition Transition Resource Group Meeting
  • The contract boundary of reinsurance contracts held;
  • Insurance acquisition cash flows paid on an initially written contract;
  • Determining the quantity of benefits for identifying coverage units;
  • Insurance acquisition cash flows when using fair value transition; and
  • Issues that while they were raised by stakeholders' submissions, could be resolved by IASB Staff without a full paper for discussion at the TRG meeting.

Read more about the TRG's meeting in 'IFRS in Focus' on IAS Plus.

Data management in the new world of insurance finance and actuarial

What are the key challenges facing insurance companies currently around data management? How does the work to address IFRS 17 fit with the approach insurance companies take on data management?

This webcast discusses:

  • The overview of the current insurance data environment from a finance and actuarial perspective;
  • The new era of insurance financial reporting heralded by IFRS 17; and
  • The impact of IFRS 17 on data and systems.

Francesco Nagari and Richard Marshall share their views on possible ways of addressing the IFRS 17 challenges around data management and on the range of solutions available to insurance companies to enhance their data integration and automation.

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