When applying IFRS 17 for the first time on existing insurance contracts, the standard offers two approaches: The modified retrospective approach and the fair value approach. We discuss each method, and cover present outcomes from a simulation with Milliman Mind, a cloud-based system with a full IFRS 17 calculation engine. We also present some considerations and have some thoughts on contracts with low probability.
This article was originally published by InsuranceERM.
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