IFRS 17 for Non-Life (Re-)Insurance

IFRS 17 for Non-Life (Re-)Insurance


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Speaker: Dirk Rohmeder

In the presentation, I will give an overview of topics that need to be considered for for non-life (re-)insurance companies. In particular, the presentation will cover the following topics: - Brief introduction of the Building Block Approach (BBA) and the Premium Allocation Approach (PAA) and questions around applicability of PAA; - Grouping of contracts: How to determine onerous contracts and ongoing discussions about the need to split or combine different contracts; - Liability for Remaining Coverage: How to determine the Contractual Service Margin and ongoing discussions about the "coverage unit" in comparison with UPR; - Treatment of variable commissions (sliding scale, profit commission) and reinstatement premium in reinsurance contracts; - Risk Adjustment: Calculation, allocation to groups of contracts and diversification included at various levels of consolidation); - Specific considerations for reinsurance contracts held and reinsurance contracts issued. Where applicable, the above topics I will include comparison to current accounting regimes like US GAAP and IFRS4 as well as to Solvency II. Since the discussions about the implications and interpretations of IFRS 17 are still ongoing (e.g. through further meetings of the transition resource group (TRG)) it is possible that the topics get slightly amended/enhanced depending on the direction that some of the discussions will take by May 2019.

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