Invitation to participate to the ASTIN Working Party on The PAA under IFRS 17
The IASB has recently published the accounting standard for insurance contracts, IFRS 17, which will come into effect on 1st January 2021. The standard brings significant changes to the recognition and valuation of insurance contracts. It will not only influence general insurers’ operations, but also introduce changes to the presentation of results in the financial statements and potentially even affect the financial results themselves.
The aim of the ASTIN Working Party on “PAA under IFRS17” is determine when and how general insurers can use the simplified premium allocation approach to measure their liabilities for unexpired risks. This will be done with practitioners in mind and the intention is to arrive at simple, easy-to-use guidelines for the use of PAA.
Click here to view the Terms of Reference (TOR)
We invite you to present your application for being a nominated expert. For those motivated please send an e-mail with a short resume to the following address: PAA_IFRS17@actuaries.orgbefore the 15th of November 2017.
Joint IAAHS/AAA Webinar: End-of-Life Care in an Aging World
End-of-life care is a challenging issue, but it is critical that the impact of changing demographics on health care systems is understood in the context of complex financial, social, public health, cultural, and ethical constraints. Using examples from Japan, the United States, the United Kingdom, China, Israel, India, and the Netherlands, this webinar will explore the increased health care costs of global aging, quality of life during the end-of-life period, palliative versus curative care, and stakeholder strategies for addressing the unique health care challenges at the end of life.
IACA/PBSS Webinar: Valuation of Bermudan-DB-Underpin Option
The study of embedded options has grown importance in pension design, with many novel forms of hybrid plan being proposed to meet the needs of employees and sponsors. In 2002, the State of Florida introduced (temporarily) a switching hybrid plan, under which employees were given the option to convert their defined contribution (DC) plans to defined benefit (DB) plans. The cost of such a switch is calculated in terms of the accumulated benefit obligation (ABO), which is the present value of the accrued benefit. If the ABO is greater than the DC account, the employee is assumed to fund the difference. In this work we reconsider the switching hybrid plan, with additional downside protection for the employees. The new option is similar to the DB- Underpin hybrid design, also knowns as the floor-offset plan, but with a Bermudan-style exercise feature. We adopt an arbitrage-free pricing methodology to value the option, and specify the situation where early switch is not optimal.
Joint IAAHS and SAS Webinar: Global Perspectives on Long-Term Care – Singapore and Australia
Worldwide demand for Long-Term Care (LTC) is expected to increase significantly in the coming decades because of longevity increases and advances in technologies and treatment. Countries around the world will need to develop more comprehensive strategies to address challenges associated not only with financing LTC but also with delivering services and support and meeting the needs of both beneficiaries and providers/caregivers.