Permitted approaches for constructing IFRS 17 Discount Rates (Nick Jessop)
Permitted approaches for constructing IFRS 17 Discount Rates (Nick Jessop)
IFRS 17 introduces a requirement for insurers to use fair value and market-consistent approaches to liability valuations as the basis for reporting their accounts. In this video Nick Jessop summarizes the findings of his white paper 'Permitted approaches for constructing IFRS 17 discount rates'.
Transcript: IFRS 17 introduces a requirement for insurers to use market-consistent and fair valuation approaches to the discounting, the valuation of liabilities and contracts that insurers have sold. The standards that have been introduced are a real opportunity for insurers to improve their reporting and in particular their financial results and to deflate and communicate the effectiveness of their AML strategies to investors and stakeholders. Insurers will have to use yield curves to discount the cash flows on the contracts that they have issued. There are a couple of ways for insurers to build these yield curves what are known as the bottom-up and the top-down approaches under the standards. We have recently published a whitepaper looking at the different approaches and the challenges involved in them. If you would like to learn more, please go to moodysanalytics.com to download a copy of the whitepaper.
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