Join us for an IFRS 17 Seminar for General Insurers in Barbados

Seminar on IFRS 17

Hosted by the General Insurance Association of Barbados

Date: October 17, 2019
Time: 9:30 a.m to 3:30 p.m.
Cost to attend: $200 BBD ($100 US)
Venue: The Courtyard Bridgetown, Barbados

About IFRS 17

IFRS 17 is an International Financial Reporting Standard (IFRS) that will have significant effect on insurance company financial reporting in many countries around the world.

In May 2019, the International Accounting Standards Board (IASB) issued an exposure draft with proposed amendments to IFRS 17, including a deferral of the effective date by one year, to January 1, 2022.

While the potential for the standard to change adds to the uncertainty faced by insurance companies, many in the industry are already working on IFRS 17 strategies and solutions. Eckler is pleased to partner with the General Insurance Association of Barbados to deliver this informative session. It is a great opportunity to hear about the latest developments and emerging strategies from experts in this field, and to network with your colleagues who face similar challenges.

Downloadable IFRS Seminar Programme

The IFRS 17 programme is divided into three segments, with ample opportunity for networking and informal discussions between presentations.

IFRS 17 – Introduction

This session will provide highlights of the standard and its effect on insurance company financial reporting. We will summarize the latest developments, including proposed amendments and their significance. This is intended to be relevant to a broad audience, regardless of their level of involvement in the transition to IFRS 17.

IFRS 17 – What Decisions Come First?

Building on the introduction, this session will focus on two key decision points. The first is the Level of Aggregation of an entity’s business, which affects many aspects of IFRS 17 implementation, up to financial statement presentation disclosures. The second is Eligibility for the Premium Allocation Approach (PAA) or the simplified approach, which again has far-reaching effects. In the context of PAA Eligibility, we will consider the complexities of the General Measurement Approach (GMA).

IFRS 17 – What Next?

This session will touch on some of the most challenging topics for the general insurance industry, namely discount rates and risk adjustment for non-financial risk. We will focus on why these are important topics, what makes them challenging, and where to look for solutions.

To round out the programme, the luncheon speaker, will tackle another subject of vital importance: The Impact of Debt Restructuring on the NIS.

Seminar speakers

Bertha Pilgrim

Bertha joined Eckler’s property and casualty (general insurance) practice as a Consulting Actuary in 2012.  She is based in Barbados, where Eckler has had a prominent actuarial consulting practice since 1996.  Bertha works closely with property and casualty practitioners in Eckler’s Canadian offices, providing financial reporting services to clients throughout the Caribbean, and in particular working with clients to implement IFRS 17.

Bertha’s experience includes reserving, pricing and loss modelling including proprietary catastrophe models such as RMS and AIR. She is active in the Climate Index Working Party and the General Insurance Committee of the Caribbean Actuarial Association.

Cynthia Potts

Cynthia is a Principal in Eckler’s property and casualty practice in Toronto. She has extensive knowledge of the property and casualty insurance and reinsurance environment and has expertise in all aspects of financial reporting. For the last several years, Cynthia’s focus has been directed to IFRS 17 and its implications for general insurers.

Cynthia has been active in the Canadian Institute of Actuaries for more than thirty years. She currently co-chairs the CIA’s IFRS 17 steering committee and serves on several committees charged with the responsibility for developing standards and guidance relating to the implementation of IFRS 17.

Lisa Wade

Lisa is a Principal and Consulting Actuary with Eckler Ltd. and is based in its Barbados office.  At Eckler, her work is focused on the employee benefits practice and she provides private and public sector clients in the Caribbean with advice regarding regulation, technical issues and professional standards.

Lisa is an active member of the actuarial profession having served as President of the Caribbean Actuarial Association.  She is currently spearheading its mortality investigation initiative.  Lisa is currently the CAA’s representative on the Council of the International Actuarial Association.  She is currently a member of the International Association’s Actuarial Standards Committee.

Bill Weiland

Bill is a Principal in Eckler’s property and casualty practice in Toronto. He has extensive knowledge of the property and casualty insurance and reinsurance environment in Canada and the Caribbean. He has expertise in all aspects of financial reporting, as well as capital modelling and pricing. He plays a key role in Eckler’s development of significant IFRS 17 models, including models for discount rates and risk adjustment.

Bill has been active in the Canadian Institute of Actuaries for more than thirty years, having served on many and diverse committees. He is a frequent presenter at CIA meetings and Seminars. He serves on the General Insurance Committee of the International Actuarial Association and is an active participant in IAA discussions regarding IFRS 17.