Keyword
IFRS 17
Why insurers’ combined ratios under IFRS-17 can’t be compared in 2024
April 19, 2024 by David GambrillVarying assumptions underlying the reporting of combined ratios by Canadian P&C insurers — a longstanding measure of company profitability — have, under IFRS-17 rules, undermined the intent of the new accounting standards, industry executives say. The issue bubbled to the…
Why personal property results should concern insurers
January 26, 2024 by Jason ContantEven though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty…
How to reconcile financial results pre- and post-IFRS 17
January 24, 2024 by Jason ContantInsurance professionals looking to reconcile financial results pre- and post-IFRS 17 implementation need to understand specific accounting policy choices their company has taken because it’s “not going to be apples to apples right across the board,” a Wawanesa executive said.…
How Canada’s P&C insurers are faring under IFRS 17
September 21, 2023 by Jason ContantDespite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
No comparison: Industry’s Q2 results under IFRS 17
September 6, 2023 by David GambrillFederally regulated Canadian P&C insurers took in about $36.2 billion in 2023 Q2, establishing a new historical base upon which to compare future results under IFRS 17. The figure comes under the new, IFRS 17 category “Insurance Revenue,” which loosely…
Do you know what’s a material change in IFRS 17?
May 26, 2023 by Jason ContantIFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way…
OSFI to review earthquake risk and minimum capital tests
May 25, 2023 by Jason ContantCanada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake…
How insurers are handling IFRS 17 reporting requirements
May 23, 2023 by Jason ContantThis is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we…
How IFRS 17 changed two key P&C financial metrics
April 27, 2023 by David GambrillIFRS 17 will change the presentation of company results in 2023 Q1, eliminating one standard property and casualty insurance financial metric completely, and subtly affecting how combined operating ratios are presented. The most obvious and straightforward change will be doing…
More ways IFRS 17 can make for wonky reporting
March 29, 2023 Philip PoradoIn the face of IFRS 17 reporting requirements, insurers should prioritize stabilizing and managing their balance sheets, noted a panellist during a recent Canadian Insurance Accountants Association (CIAA) webinar. They also should strive to ensure the company’s assets and liabilities…
Munich Re’s global growth target in 2023
February 27, 2023 by Alyssa DiSabatinoMunich Re is aiming for a profit of 4 billion euros (Cdn$5.8 billion) in 2023. The global reinsurer posted a profit of 3.4 billion euros (approximately Cdn$4.9 billion) in 2022. Its gross premiums written amount to 67 million euros (Cdn$96.5…
What the IFRS 17 temporary adjustments mean for insurers
February 24, 2023 by Alyssa DiSabatinoThe International Financial Reporting Standards 17 (IFRS 17) is now in place, but a temporary adjustment to the regulatory prudential limits related to investments, commercial lending and borrowing for P&C insurance companies will allow federally regulated insurers (FRIs) two years…