Description: Risk adjustment is needed under IFRS 17 to reflect the compensation that a company requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. Companies are also required to disclose the method and confidence level used for the calculation of the RA. However, IFRS 17 doesn’t specify a method and a confidence level, nor does it provide a list of specific risks that are considered to be non-financial risk. Companies need to define them based on their own preferences or existing practices. This article will introduce available approaches and discuss the confidence level approach with potential consideration stemming from industry preferences and illustrative examples.

Description: After International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard No. 17 – Insurance Contracts (“IFRS 17”), IASB received much feedback and suggestions for improvement. As a result, in early 2019, IASB made limited changes to IFRS 17. The presentation will briefly discuss the main contents and effects of those changes.

Description: Key performance indicators (KPIs) are essential in order to monitor and communicate a life insurance companies’ financial results, and effectively manage the business. This presentation will illustrate how the currently used KPIs may develop and evolve with the adoption and implementation of IFRS 17. Will the IFRS 17 insurance revenue be an appropriate measure for growth? Will the profitability and new business value measures be different? The panelists will discuss the implications of IFRS 17 on the existing KPIs and the possible changes that may lay ahead

Description: After 23 years, the new guidelines for insurance contracts have been released, which describe life insurance economic behavior and show its operating results in an unprecedented and complex accounting language. The management of the insurance industry, as well as accounting and actuarial professionals, will face new challenges. This speech started from the basic logic of accounting and the framework of the standards, combined with the insurance industry's operating rules and accounting characteristics, to illustrate the orientation of the new insurance contract standards. From the internal and external perspectives of life insurance operation, this paper used common management language to discuss the understanding of the new insurance contract standards, the focus issues of the industry and the key issue of the effective implementation of the new standards -- the deep integration of accounting and actuarial.

Description: The goal of this publication is to give insights on some market trends in the insurance industry from an African perspective. Some of such trends include digital innovation, accounting standards (IFRS 9 and IFRS 17), African Continental Free Trade Area (AfCFTA), Political Violence and Terrorism (PVT) incidents and Covid-19 pandemic exposures as well as Environmental, Social and Governance (ESG) considerations. It also highlights the success story of the leading pan-African reinsurer, African Reinsurance Corporation, with a message to young professionals that can help increase their odds of success.

Description: In the insurance industry, machine learning models are increasingly used to make decisions that affect people's lives. In order to ensure that models are fair, they should be audited for bias. There are no hard and fast rules for bias audit; metrics that can be used to evaluate fairness vary depending on the context in which the model is deployed. In this session, we present a flexible framework that highlights key considerations in bias evaluation that can be adjusted to suit your process. In this session, we will learn about different metrics to assess fairness, discuss open source tools that can be used for bias audit, and walk through a case study.

Description: This presentation shares experience and ideas of both AIA Group and AIA China during implementation of the IFRS17 project and will discuss potential impact and outlooks in the domestic market from IFRS 17. This presentation includes a general overview of an IFRS17 implementation project, focusing on changes and requirements, as well as the resources cost of the main challenges and relative resources.

Description: Recognizing the benefit for actuarial discussions about how COVID-19 will affect our work, the Smaller Insurance Company Section of the Society of Actuaries hosted “COVID-19: What a Smaller Insurance Company Actuary Needs to Know Virtual Town Hall” on April 17, 2020. The following delves into these presentations and discussions.

Description: Overview/Foreword by the 2017 Symposium Chair and Foreword by the 2020 Symposium Chair.