TFL Vsebine / Revija SIR*IUS

Risk adjustment for non-financial risk according to IFRS 17

Uvedba standarda MSRP 17 – Zavarovalne pogodbe (angl. IFRS 17 – Insurance Contracts) je prinesla nekaj bistvenih novosti v računovodenju zavarovalnic. Pri merjenju zavarovalnih obveznosti se to odraža z vključitvijo prilagoditve, ki odraža časovno vrednost denarja in finančna tveganja, prilagoditve zaradi nefinančnega tveganja in pogodbene storitvene marže v strukturo zavarovalnih obveznosti. Prilagoditev zaradi nefinančnega tveganja predstavlja nadomestilo, ki ga podjetje zahteva za prevzem negotovosti glede zneska in časovne razporeditve denarnih tokov, ki izhajajo iz nefinančnih tveganj pri izpolnjevanju zavarovalnih pogodb. V MSRP-ju 17 se zato zahteva, da je prilagoditev zaradi nefinančnega tveganja vključena v denarne tokove kot samostojna, eksplicitna komponenta merjenja skupine zavarovalnih pogodb. Namen prispevka je pregled standarda MSRP 17 in metodološka analiza prilagoditve zaradi nefinančnega tveganja pri življenjskih zavarovanjih. Ob povezavi teoretičnih zahtev standarda in praktičnih implementacijskih rešitev prispevek ocenjuje vpliv ocenjevanja prilagoditve zaradi nefinančnega tveganja na višino zavarovalnih obveznosti. Posebna pozornost je namenjena agregaciji, diverzifikaciji in prerazporeditvi prilagoditve zaradi nefinančnega tveganja. Analiza zahtev kaže, da je ocenjevanje prilagoditve zaradi nefinančnega tveganja v dobršni meri prepuščena averziji do tveganja posamezne zavarovalnice, medtem ko morebitni odpustki izhajajo iz same izbrane metodologije in profila tveganj, ki jih ima zavarovalnica pri izpolnjevanju pogodbenih obveznosti iz zavarovalnih pogodb.

The introduction of IFRS 17 – Insurance Contracts has brought several significant innovations to insurance accounting. In the measurement of insurance liabilities, this reflects in the inclusion of an adjustment that shows the time value of money and financial risks, risk adjustments for non-financial risk, and the contractual service margins within the structure of insurance liabilities. The risk adjustment for non-financial risk represents the compensation that an entity requires for bearing the uncertainty regarding the amount and timing of cash flows arising from non-financial risks in fulfilling insurance contracts. IFRS 17 therefore requires that the risk adjustment for non-financial risk be included in the cash flows as a separate, explicit component of the measurement of a group of insurance contracts. The objective of this paper is to provide an overview of IFRS 17 and a methodological analysis of the risk adjustment for non-financial risk in life insurance. By linking the theoretical requirements of the standard with practical implementation solutions, the paper evaluates the impact of estimating the risk adjustment for non-financial risk on the measurement of insurance liabilities. Particular attention is devoted to aggregation, diversification, and allocation of the risk adjustment for non-financial risk. The analysis of the requirements shows that the estimation of the risk adjustment for non-financial risk is largely left to the risk aversion of the individual insurer, while any simplifications or allowances arise from the selected methodology itself and from the profile of the risks borne by the insurer in fulfilling its contractual obligations under insurance contracts.