Premium Allocation Approach WS

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Presentation transcript:

Premium Allocation Approach WS Insurance IFRS Seminar December 2, 2016 Bill Horbatt Session 26

Case Study You are a consultant to Maple Leaf Life, a Canadian company reporting under IFRS. You are asked for advice on 3 situations.

The company sells group life in Hong Kong Situation #1 The company sells group life in Hong Kong 50% of contracts have 1 year rate guarantees, 50% have 2 year guarantees. The company wants to use a single method for all contracts (PAA or BBA) What do you recommend? Would recommendation differ if it was a US company

Company sells Hurricane insurance in Caribbean Situation #2 Company sells Hurricane insurance in Caribbean 50 year history shows all claims occur in 3rd quarter (July-September) Annual policy effective January 1 How would you earn $100 of premium by quarter under PAA?

Best estimate at Policy Issue Situation #3 Premium $110 Best estimate at Policy Issue What is opening IFRS reserve? Premium $100 Is FASB the same? Component Amount Expected Claims $80 Acquisition Cost $20 Risk Margin $10 $110

Thank You