The Future of Insurance Reporting

Overview of IASB's re-exposed insurance contracts standard

PwC held a live webcast on 3rd July at 10am (BST), where we discussed the re-exposure of the Insurance Contracts Standard that has been recently issued by the IASB.

Click here to view the recording

The webcast discussed the key proposals and their implications, compared to the measurement model that was proposed in the previous Exposure Draft – and focused on the topics that have significantly changed since the previous proposal:

  • The use of other comprehensive income (‘OCI’) for changes in discount rates.
  • Unlocking the contractual service margin (previously known as the residual margin).
  • Contracts that specify a link to the returns on underlying items.
  • Presentation in the statement of comprehensive income.
  • Transition.

We hope that the webcast will help both life and non-life insurers assess how all the requirements in the measurement model fit together and also to understand how the proposed standard will impact their financial statements, current business practices, and investor communications, and assess the additional demands of the new model on resources, data and modelling systems.

The webcast was held by Gail Tucker, Brian Purves and James Wong and lasted approximately 40 minutes.

To view a recording of the webcast, please click on the link below.

Click here to view the recording