Introduction

IFRS 17 was developed with the objective of applying consistent principles for the recognition, measurement, presentation, and disclosure of insurance contracts. 

Effective 1 January 2023, companies had to comply with IFRS 17 which required many to adopt a transformative mindset. IFRS 17 programs proved to be a complex exercise across most insurers, with the implementation programs taking longer than expected and necessitating significant investments in specialised resources. 

Deloitte has the pleasure to invite you to our Insurance Industry workshop, where you would get to interact and engage with our experts and leverage their insights and experience, understand and take advantage of the lessons learned from their implementation experience in the industry. Our experts have supported various insurance clients and would provide practical steps adopted to resolve implementation challenges across products and portfolios, data, actuarial modelling, and systems.

Course content

Topics covered include:

• Updates from IASB – Financial reporting updates on IFRS 17.
• Recap of the basic principles of IFRS 17 – Recognition, Measurement, Presentation and Disclosures
• Topical IFRS 17 implementation challenges and solutions for Zambia 
  • Scoping of contracts and selection of appropriate measurement models
  • Aggregation of contracts considering types of portfolios 
    • Level of aggregation
    • Onerous contracts
  • Application of measurement models and system implementation approaches
    • General model – Applicable portfolios and practical approaches applied
    • PAA – Applicable portfolios and practical approaches applied
    • VFA – Applicable portfolios and practical approaches applied
  • Key considerations around the calculation of the risk adjustment and determining the discount rate.
  • Resolving the data challenges and the simplifications availableo
  • Approach to Financial Guarantees and Performance Guarantees
• Application of IFRS 9 and IFRS 17
• Providing Disclosures with clarity
  • Disclosure considerations in the new standard
  • Common disclosure deficiencies and how to address them.
• Topical IFRS 17 tax matters affecting the insurance industry
• Lessons learnt from implementation, key judgments and next steps.
  

Course Objectives

• Enable participants to understand and stay current with up-to-date knowledge on accounting, reporting, and implementation considerations impacting insurance contracts.
• Provide participants with practical experience and insights on significant challenges affecting the industry and possible solutions.
• Enable participants to approach, prepare and navigate successfully future changes in the reporting landscape.

Course Benefits

• Participants will engage with industry experts on topical issues
• Interaction and engagement with other industry colleagues
• Provide a blended approach to Financial reporting and Actuarial modelling
• Access to relevant thought leadership
• Certificate of attendance