In recent years, PKF Malta has made remarkable strides in growing its portfolio of insurance clients and we believe that it is the right time to secure actuarial services with practical experience on IFRS 17 – insurance contracts. This strategic initiative, not only equips our personnel to grasp technical actuarial matters, but also serve to bridge the gap between financial and actuarial functions, enriching our capacity to furnish auditing and advisory services to the local insurance market.
The actuarial profession specialises in mathematical skills to help measure the probability and risk of future events, which is a critical aspect of the insurance industry. The role of actuaries has acquired renewed momentum in recent times with the introduction of IFRS 17, a complex standard, which has brought significant change to insurance accounting.
The role of actuaries has acquired renewed momentum in recent times with the introduction of IFRS 17
Collaboratively, actuaries and financial professionals have been developing new actuarial and financial models to provide the granular inputs required by IFRS 17 calculation engines. This, in turn, produces the IFRS 17 insurance contract liabilities, split as Liabilities for Incurred Claims, Liabilities for Remaining Claims and the Contractual Service Margin for insurers applying the General Measurement Model. Actuaries are also pivotal in running the eligibility assessment to the Premium Allocation Approach, being the simplified measurement method for insurance accounting under the new standard.
The positive attributes of this strategic alliance for PKF Malta are vast with an international focus.
By virtue of this collaboration, the firm will be able to provide a wide range of services, including: product design and pricing, calculation of embedded value and appraisal values, asset-liability modelling and management, reinsurance analysis and optimisation, model-office projections, profitability analysis, in addition to the annual statutory actuarial valuations and capital calculations under Solvency II.
For further details please contact Rowen Bonello, associate partner at PKF Malta on 2148 4373 or rowen.bonello@pkfmalta.com.