Unpacking LRC and LIC Calculations for P&C Insurers

Open-access content Monday 14th December 2020 — updated 3.17pm, Wednesday 16th December 2020

In this paper, our experts discuss some of the issues related to the liability for remaining coverage (LRC) and liabilities for incurred claims (LIC), measurement under IFRS 17 for P&C insurers, topics include:

An overview of the measurement models under IFRS 17
Further analysis of the LIC, including the roll-forward and the granularity of calculation required
LRC calculations under the Premium Allocation Approach (PAA), including subsequent measurement and the underlying issues
The challenge in the treatment of premium experience compared to expected (known as the premium variance)
Acquisition expenses and the implications from the change in the recent amendment

Read "Unpacking LRC and LIC Calculations for P&C Insurers" to learn more.

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