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Proposed changes to International Financial Reporting Standards (IFRS) would change the way unpaid claim liabilities are measured, from a point estimate of the unpaid claim to the discounted value of the expected cash flow payments plus an explicit risk margin. Over time, other financial reporting standards, such as US GAAP, may follow suit. In addition, insurance companies today increasingly seek to quantify the potential variability of the losses in their portfolios, both for individual lines of business and for each company as a whole.
Our sophisticated stochastic modelling tools can help calculate items such as discounting, risk margins and the correlation between different lines of business for the preparation of financial statements in accordance with such accounting changes. We communicate concepts in a clear, concise and informative manner to help companies make more informed business decisions.
Milliman assisted a major worldwide personal lines insurer with a field testing project for the International Accounting Standards Board (IASB), the accounting board that promulgates IFRS. The field testing exercise required complex statistical calculations as outlined in an IFRS exposure draft. Milliman helped the insurer prepare data for input into our Reserve Variability Modelling ™ software, estimate risk margins using each of the methods outlined in the IFRS exposure draft and understand the potential impact of the proposed accounting changes and management selection of specific risk margin assumptions on the income statement over the long term. Our capabilities and expertise were instrumental to the company’s successful completion of the field testing in a timely and comprehensive manner.
This paper reviews the main characteristics of the proposed IFRS with special attention to the new elements in the 2013 re-exposure draft.
This paper provides a summary on the feedback received by the IASB on the latest ED. Many basic concepts, such as the building block approach and a need to project liabilities stochastically to value options and guarantees,…
The International Accounting Standards Board (IASB) continues to make tentative decisions in its insurance accounting project. However, the IASB has now indicated that its re-deliberations will extend into next year, 2015,…
The IASB has made several tentative decisions in its insurance accounting project based on discussions of the feedback received on its 2013 exposure draft (ED). The Board received 194 comment letters and conducted 187…
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