IFRS17 Webinar 2 - Core Measurement Components

IFRS17 Webinar 2 - Core Measurement Components

This is the second webinar in the IFRS 17 webinar series and delves deeper into some of the IFRS 17 concepts introduced previously. This webinar aims to help you gain a better understanding of some of the key IFRS 17 terms through both a technical and intuitive lens. Where the first webinar outlined the requirements to sort insurance contracts into different groups, this one unpacks the different elements required to financially quantify contracts within a given group. Questions aimed to be addressed in this session include:

  • What does the Premium Allocation Approach (PAA) and the General Measurement Model (GMM) mean and how are they different in principle?
  • What is the meaning of the contractual service margin (CSM) and what do I need to do?
  • What is a fulfilment cash flow (FCF) and what are its components?
  • What is the meaning of the liability for remaining coverage (LfRC) and the liability for incurred claims (LfIC)?
  • Do we still need to discount our cash flows and add a risk margin?
  • Do we need to alter any of our actuarial reserving methodologies?

Please note that the following areas will not be covered in detail in this webinar, but are planned to be covered in a future session:

  • Mechanical applications of the PAA and GMM to determine the insurance liabilities
  • Onerous contracts

The webinar is free for all members (remember to log in before booking) - $20.00 for non members.

About our Speaker

Owen is the founder and managing director of Real Value Consulting, a consulting company that strives to add only real value to clients. He currently specialises in the interpretation and application of IFRS 17, with a wealth of IFRS 17 specific knowledge gained through time spent deep within the Standard paragraphs and discussing interpretations throughout industry groups. Owen has built a number of IFRS 17 PAA eligibility models from scratch which not only projects the IFRS 17 liabilities, but also the financial accounts. He has assisted companies such as QBE, Westpac, Deloitte, AMP and Hannover Re in their IFRS 17 implementation journey. Owen has a deep passion in educating and strives to help people really understand the what, why and how of what they are doing. He has been teaching at Macquarie University in the fields of Actuarial Studies, Finance and Statistics over the last 14+ years and is also the founder of the secondary tuition centre Real Value Tuition


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