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IFRS 17 and General Insurers
Mehul Dave
Director
Deloitte South East Asia
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2 | Copyright © 2018 Deloitte Development LLC. All rights reserved.
IFRS 17 for General Insurers
Mehul Dave
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Key Topics
1
What are GI actuaries thinking?2
What are some of the key considerations for General Insurers?
4
How are IFRS 17 implementations programmes progressing? 3
What are some of the concerns of GI actuaries?
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But first…
[x] mins!
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What was needed in order achieve this….
Compliance
Preparation
Technology
Data
Training
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Its a long journey…
IFRS 17 programmes
are running over
multiple
years…endurance is
needed
Endure and you will get there
IFRS 17 Marathon
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Its a long journey…
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Its a long journey…
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Its hard work…
Where do I begin…
Pain, leg cramps, dietary changes needed(!)
IFRS 17
Marathon
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Its hard work…
Common challenges wordle
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Its hard work…
• Getting to the bottom of each type of contract
and policy written – deciphering non-distinct
investment components
• Separating into profitability groups – how to
distinguish between potentially onerous and
no significantly possibility
• Choosing a portfolio grouping that makes
sense from a business perspective
• Treatment of reinsurance and its unique
features … e.g. profit commission
• May need some system enhancements to
capture the relevant information
• Can you justify that these groups be
combined?
• Insurance is about pooling of risks and often
business is managed at the company level –
look at striking a balance
• Can Reinsurers be encouraged to simplify?
Some challenges Some solutions….
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A run is not just a run…
Many options and
choices to make
You can take lots of different paths
IFRS 17
Marathon
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A run is not just a run…
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A run is not just a run…
Will it follow regulatory class groupings
[chart]
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Technology is an enabler …
There is going to be a technology impact. But
that’s good!
You can use a fitbit, or an Apple watch, or Nike+ run app
IFRS 17
Marathon
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Technology is an enabler …
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Technology is an enabler …
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Data improves performance…
This is a key area of additional benefit
Closer connection between pricing and reserving
Data allows you to track and plan runs better to drive improvement
IFRS 17
Running
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There are wider benefits…
Deeper understanding of the business and
products
Mental clarity…and beautiful endorphins
IFRS 17
Running
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Remember the bigger picture…
The business of insurance is pooling of risk,
focusing on the customer, making profit
(sometimes)…look to take the fringe benefits
where you can
You need to put one leg in front of the other to get to the finish line…that’s it
IFRS 17
Running
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Remember the bigger picture…
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Thank you