EEA Web Session: IFRS 17 Risk Adjustment: Practical Approaches & Lessons Learned
Announcement from the EEA organiser:
The IFRS 17 standard for Insurance Contracts, published in 2017, has triggered significant implementation projects worldwide. One crucial aspect of IFRS 17 is the concept of risk adjustment, which plays a vital role in measuring the compensation that the entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risks of insurance contracts.
As IFRS 17 is intended to be principle based, also for the risk adjustment the standard does not specify a concrete estimation technique to be used compulsory. Accordingly, an entity needs to apply judgement when determining an appropriate estimation technique for the risk adjustment.
As experience shows, the implementation of the methodologies and concepts used to determine the risk adjustment under IFRS 17 requires active involvement of actuaries.
In addition, the principle-based requirements of IFRS 17 lead to a number of different measurement and accounting concepts used for IFRS reporting, like Cost-of Capital- and Value at Risk-Approaches.
Actuaries have been responsible for making key fundamental decisions and performing of regular assessments and judgements, that impact the amount of the risk adjustment and accordingly its development. They play a key role in explaining these assessments and judgements, the impact on valuation, and the corresponding consequences for financial statements to top management.
The topics of this web session will be:
• A Theoretical Dive into Risk Adjustment Methodology
• Practical Implementation of Methodological Concepts in IFRS 17
• Addressing Implementation Challenges and Disclosure Requirements
Click here to register. Your early-bird registration fee is € 120.00 (net) / € 142.80 (incl. VAT, if applicable) for bookings by 9 October 2024. After this date, the fee will be € 170.00 (net) / € 202.30 (incl. VAT, if applicable).
Click here (Note: timing via that link is in CEST [Central European Summer Time].)
Carsten Horst is Partner within the Actuarial Risk Modelling Services Team of PricewaterhouseCoopers GmbH WPG. He is responsible for the actuarial life insurance related topics and all IFRS 17 actuarial activities with focus on valuation and accounting of all (re-)insurance business at PwC Germany.
Carsten has more than 17 years of experience in consulting and audit. Topic-wise his focus lies on primary life insurance as well as on life and health (re-)insurance, risk management and regulatory topics in this area. Recently his consulting activities are mainly focussing on finance transformation topics around IFRS and Solvency II. Carsten is a qualified Actuary DAV. He is a member of the IFRS working group of the DAV, member of the DAV’s Accounting and Regulation Committee and responsible for several PwC engagements regarding IFRS 17.
Lars Oehlmann is a Senior Manager within the Actuarial Risk Modelling Services Team of PricewaterhouseCoopers GmbH WPG focusing on topics regarding the valuation and accounting of life insurance business. He has eight years of experience working in consulting and audit projects, including several large globally operating insurance groups. Lars is a qualified Actuary DAV and has extensive IFRS 17 experience due to long lasting IFRS 17 engagements. In addition, he is engaged in several actuarial audits of large global insurance groups as well as in consulting projects regarding actuarial models and actuarial review.