Lifestyle Article - Hot Topics event - IFRS17: Impact on GI


Tuesday 22nd November 2016 saw Bolton Associates host their inaugural ‘Hot Topics’ event at Corney and Barrow, Fenchurch Avenue. This was the first event in what will be a series continuing into 2017 where actuaries, both senior and junior, can come along to learn more about the big topics affecting General Insurance whilst networking with their fellow London market counterparts.

 “We wanted to host an evening where we combined informative talks with a few glasses of wine, so that actuaries could get together and debate current issues in a light-hearted and open environment” says Constance Longden, organiser and Senior Consultant at Bolton Associates. “The evening was great fun and we’ve had some fantastic feedback so we are looking forward to hosting our next event in 2017 and bringing even more people on board.”

 Tuesday’s event saw the talks focus on the topic of IFRS17, a subject that was particularly prominent at this years’ GIRO conference in Dublin and one sure to affect actuarial teams across the country next year. Bolton Associates were able to build upon their existing market relationships and host talks from Alice Boreman and Erica Nicholson of Deloitte and Jamie Grant of Lancashire Insurance Group. With all three experienced in presenting at various Institute events and experts in the IFRS field, they were well placed to share their knowledge with the diverse group and hosted a lively question and answer session to close proceedings.

 “I jumped at the chance to be involved in the event as I think it’s crucial that actuaries at all levels are given the opportunity to learn about IFRS17 before the standard is published next year” said speaker, Alice Boreman. “After years in the making we now have a date for the implementation of IFRS17. Whilst the 1 January 2021 go live date will give companies just over three years to prepare, this standard sets out a fundamentally new basis for reporting and performance management and has wide ranging implications. I hope we can learn from Solvency II, and approach this implementation in an efficient and effective manner. Deloitte sees a few key decisions for general insurance companies to make around use of the PAA simplification, risk adjustment approach and the way discounting is allowed for. Some of these key design decisions and an operational and financial impact assessment should be the focus over 2017.”

 Despite being the first foray into independent events for the actuarial search specialists, the evening was a resounding success and looks sure to become an exciting addition to the market’s social calendar. Attendee Andrew Newman of Charles Taylor said “Thank you all, speakers and organisers, for an excellent event. It was informative and enjoyable; relaxed while being stimulating; a good mix of content, people and drinks.”

 If you would be interested in speaking or attending the next Bolton Associates ‘Hot Topics’ evening, or for more information on future events, please email Constance Longden at constance@bolton-associates.co.uk
  

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