The Risk Modelling team consists of actuarial and insurance advisory specialists. We can help our target clients in the insurance, investment fund, government, and industrial sectors (construction and energy), primarily with setting up risk management frameworks, regulatory compliance, and liability valuation.
Actuarial services and risk modelling
How we can help
IFRS 17
Our team has international experience in implementing and auditing IFRS 17. In addition, we cooperate with teams from other European countries on a daily basis. As a result, we understand the challenges of the IFRS 17 implementation and know what issues clients face and which topics are of interest to them. We can help make your IFRS 17 implementation easier and faster, while avoiding unnecessary costs and use of human resources associated with the implementation.
Provisions for Employee Benefits
IAS 19 is an international accounting standard issued by the International Accounting Standards Board. In accordance with Czech Accounting Standards (CAS), it is also appropriate to recognize provisions for employee benefits, with companies commonly using the IAS 19 methodology for calculating such provisions as market practice. The standard prescribes the accounting and reporting approach to employee benefits. We help companies calculate liabilities and expenses through actuarial valuations, data collection, and the use of actuarial methods. More information
Solvency II
Although Solvency II has not received as much attention recently, it is important to bear in mind that this standard is still evolving. We can help clients adapt their processes to future Solvency II audit requirements, understand the already approved changes to the calculation of capital requirements, and prepare for changes in the ESG area planned in the future.
Insurance Company Valuation
From the perspective of mergers and acquisitions, the Czech market is highly attractive to foreign clients. As part of a due diligence project, we provide clients with an independent valuation of an insurance company’s liabilities and perform a process analysis, including Solvency II.
The insurance industry is a highly regulated market facing many challenges. Whether it concerns digitalization, regulatory compliance, or automation, a successful business strategy requires a robust risk management framework and a sense for innovation.
Our Services
- Insurance portfolio valuation – Independent valuation of the insurance portfolio and the overall functioning of the insurance company’s processes.
- IFRS 17 – Implementation of our “PwC IFRS 17 In a Box” software, training, overall assessment of the insurance company’s profile and evaluation of the impact of the IFRS implementation, analysis of strengths and weaknesses in readiness for the transition to IFRS 17, preparation and setup of the risk management framework (methodologies and policies), simulation of the impact of IFRS 17 implementation on insurers’ financial statements, setup and review of IFRS disclosures.
- Solvency II – Preparation for Solvency II audit, ESG and its impacts on Solvency II, Solvency II reviews and changes, audit of the ORSA process, preparation and setup of the risk management framework (methodologies and policies).
- Validation of insurance models – Validation of the valuation model under IFRS 17, assistance with approval of the internal model under Solvency II.
- IAS 19 – Valuation of employee benefit obligations in accordance with IAS 19 regulations. Development of future cash flow models and reporting.
- ERM (Enterprise Risk Management) – Development of a model to quantify capital requirements based on the risk appetite framework.
- ESG for insurers – Setup of indicators related to investments and underwritten products, and their disclosure in the notes to the financial statements.
- Insurance product development – Motor third-party liability insurance segmentation, cyber risk product.
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Actuarial services
Kontakty
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