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Proposal for the Measurement of Reinsurance Contracts under IFRS 17

Author

Listed:
  • Silvia Zelinová

    (University of Economics in Bratislava, Faculty of Economic Informatics)

  • Miriama Blahušiaková
  • Tatiana Šoltésová

    (University of Economics in Bratislava, Faculty of Economic Informatics)

Abstract

The paper introduces the proposal of the measurement model for insurance and reinsurance contracts in accordance with the new standard IFRS 17 Insurance contracts that will be effective as of January 1, 2023. The Standard does not contain formulas, but it is principle-based, which is why the selected method of general model measurement is a scientific benefit for the measurement of the insurance product. The application of the GMM method is not the same as that of the insurance company and the reinsurance company perspective, despite the same chosen actuarial assumptions. The scope of changes, which the new Standard offers, is comprehensive and brings new challenges, even for scientific purposes.

Suggested Citation

  • Silvia Zelinová & Miriama Blahušiaková & Tatiana Šoltésová, 2022. "Proposal for the Measurement of Reinsurance Contracts under IFRS 17," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(3), pages 284-304, March.
    • Handle: RePEc:sav:journl:v:70:y:2022:i:3:p:284-304
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    1. repec:cup:bracjl:v:26:y:2021:i::p:-_2 is not listed on IDEAS
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    More about this item

    Keywords

    International Financial Reporting Standard 17; reinsurance contracts; general model measurement; contractual service margin; risk adjustment;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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