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AM BestTV: IFRS 17 Will Put Market Values for Insurance Liabilities in Accounts, Says AM Best Associate Director

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OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AM BestTV, Anthony Silverman, associate
director of analytics, AM Best, said International Financial
Reporting Standards (IFRS) 17, which takes effect in 2022,
requires insurers to perform calculations closer to the policy level.
Click on http://www.ambest.com/v.asp?v=ifrs419
to view the entire program.

In the episode, Silverman explains why there is a need for an updated
global set of accounting standards.

“IFRS 17 is intended to bring more market-related values to the
insurance liability numbers and accounts, as well as consistence across
territories,” said Silverman. “It is necessary because the current
practice, which is IFRS 4, introduced in 2005, actually grandfathered
local gaps that were in place then. This means that different accounting
standards are actually used in different countries.”

Silverman also addressed how AM Best will use IFRS 17 data in its
ratings process, once implemented.

“AM Best will be using the data for its quantitative model; however, we
do make adjustments, since we are interested in the economic realities
underlying these companies. With the principles-based targeting of
market values that IFRS 17 represents, we do anticipate that the
adjustments to those numbers will be considerably less than what we do
presently,” he said.

To access a copy of this special report, titled, “IFRS 17 – A Welcome
Advance. Value Measures in Primary Accounts. Delay was a Necessity”,
visit http://www3.ambest.com/bestweek/purchase.asp?record_code=283764.

Recent episodes of AM BestTV include:

  • AM Best Shows How Technology Is Speeding the Pace of Insurance
    Innovation
    : Andrea Keenan, senior managing director—industry
    relations, AM Best, travels to burgeoning startups and established
    companies across the United States and Canada to learn more about
    their innovative efforts: http://www.ambest.com/v.asp?v=innovators419.
  • Philly I-Day: Insurers Fear Missing Out on Insurtech: At the
    Insurance Society of Philadelphia’s annual Philly I-Day conference,
    industry leaders discuss the fear of missing out on the next Apple or
    Amazon when it comes to investments in technology: http://www.ambest.com/v.asp?v=phillywrap419.
  • French Nonlife Insurance Sector Remains Competitive But Resilient,
    Says AM Best Director
    : Ghislain Le Cam, director for analytics, AM
    Best, discusses the factors behind the rating agency’s stable market
    segment outlook on France’s nonlife insurance market: http://www.ambest.com/v.asp?v=frenchnl319.
  • U.K. Life Companies Aided by Annuity Market, Says AM Best Associate
    Director
    : Tony Silverman, associate director of analytics, AM
    Best, said that despite possible complications from Brexit, the market
    segment outlook for the U.K. life insurance sector remains stable: http://www.ambest.com/v.asp?v=U.K.life419.

AM BestTV covers exclusive AM Best and insurance
industry information and reports, targeted topics and key developments
in the insurance, reinsurance and related sectors daily
. Sign up
for alerts of episodes at
http://www.ambest.com/multimedia/ambtvsignup.html.
View
AM BestTV episodes at http://www.ambest.tv.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry
. Visit www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Company, Inc. and/or its
affiliates
. ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication and News
Services

+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AM BestTV, Anthony Silverman, associate
director of analytics, AM Best, said International Financial
Reporting Standards (IFRS) 17, which takes effect in 2022,
requires insurers to perform calculations closer to the policy level.
Click on http://www.ambest.com/v.asp?v=ifrs419
to view the entire program.

In the episode, Silverman explains why there is a need for an updated
global set of accounting standards.

“IFRS 17 is intended to bring more market-related values to the
insurance liability numbers and accounts, as well as consistence across
territories,” said Silverman. “It is necessary because the current
practice, which is IFRS 4, introduced in 2005, actually grandfathered
local gaps that were in place then. This means that different accounting
standards are actually used in different countries.”

Silverman also addressed how AM Best will use IFRS 17 data in its
ratings process, once implemented.

“AM Best will be using the data for its quantitative model; however, we
do make adjustments, since we are interested in the economic realities
underlying these companies. With the principles-based targeting of
market values that IFRS 17 represents, we do anticipate that the
adjustments to those numbers will be considerably less than what we do
presently,” he said.

To access a copy of this special report, titled, “IFRS 17 – A Welcome
Advance. Value Measures in Primary Accounts. Delay was a Necessity”,
visit http://www3.ambest.com/bestweek/purchase.asp?record_code=283764.

Recent episodes of AM BestTV include:

  • AM Best Shows How Technology Is Speeding the Pace of Insurance
    Innovation
    : Andrea Keenan, senior managing director—industry
    relations, AM Best, travels to burgeoning startups and established
    companies across the United States and Canada to learn more about
    their innovative efforts: http://www.ambest.com/v.asp?v=innovators419.
  • Philly I-Day: Insurers Fear Missing Out on Insurtech: At the
    Insurance Society of Philadelphia’s annual Philly I-Day conference,
    industry leaders discuss the fear of missing out on the next Apple or
    Amazon when it comes to investments in technology: http://www.ambest.com/v.asp?v=phillywrap419.
  • French Nonlife Insurance Sector Remains Competitive But Resilient,
    Says AM Best Director
    : Ghislain Le Cam, director for analytics, AM
    Best, discusses the factors behind the rating agency’s stable market
    segment outlook on France’s nonlife insurance market: http://www.ambest.com/v.asp?v=frenchnl319.
  • U.K. Life Companies Aided by Annuity Market, Says AM Best Associate
    Director
    : Tony Silverman, associate director of analytics, AM
    Best, said that despite possible complications from Brexit, the market
    segment outlook for the U.K. life insurance sector remains stable: http://www.ambest.com/v.asp?v=U.K.life419.

AM BestTV covers exclusive AM Best and insurance
industry information and reports, targeted topics and key developments
in the insurance, reinsurance and related sectors daily
. Sign up
for alerts of episodes at
http://www.ambest.com/multimedia/ambtvsignup.html.
View
AM BestTV episodes at http://www.ambest.tv.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry
. Visit www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Company, Inc. and/or its
affiliates
. ALL RIGHTS RESERVED.

Contacts

Lee McDonald
Group Vice President, Publication and News
Services

+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

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