The Committee on International Insurance Accounting (IIAC) has prepared this educational note which identifies the key differences in the measurement of insurance contract liabilities between IFRS 17 and current CIA Standards of Practice and supporting guidance.
This educational note includes nine sections:
1. Introduction
2. IFRS 17 overview and comparison to current practice
3. Classification of contracts
4. Separation of contract components
5. Selection of measurement approach
6. Measurement considerations
7. Probability-weighted cash flows
8. Discounting
9. Risk adjustment for non-financial risk