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  #21  
Old 11-30-2018, 09:52 PM
Arlie_Proctor Arlie_Proctor is offline
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There is absolutely no doubt that it is a full employment act for consultants. But I will spend some time in retirement figuring out who lobbied for what. Applied to P&C insurance, the standard is beyond stupidity. It is obvious that it was designed for life insurance and that P&C was shoehorned into it without much intelligent thought.

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IFRS 17 is essentially Ambrosia for Consultancies.
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  #22  
Old 11-30-2018, 10:00 PM
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It is obvious that it was designed for life insurance and that P&C was shoehorned into it without much intelligent thought.
Somehow this seems vaguely reminiscent of some recent events.
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  #23  
Old 11-30-2018, 10:18 PM
Arlie_Proctor Arlie_Proctor is offline
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Somehow this seems vaguely reminiscent of some recent events.
It does for those of us in the US, and that is a sad fact. We are the only country that specifically trains P&C actuaries in a program separate from life actuaries. The rest of the world simply trains actuaries and releases them into the wild as qualified to practice in either field. In the case of IFRS-17 design, it is obvious that the participating actuaries either had very little experience/expertise with P&C business or that those who had the requisite experience/training were largely ignored.
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  #24  
Old 11-30-2018, 10:38 PM
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Originally Posted by Arlie_Proctor View Post
There is absolutely no doubt that it is a full employment act for consultants. But I will spend some time in retirement figuring out who lobbied for what. Applied to P&C insurance, the standard is beyond stupidity. It is obvious that it was designed for life insurance and that P&C was shoehorned into it without much intelligent thought.
Perhaps that's a consequence of not having an independent group of people specializing in P&C insurance outside the US, Arles?

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  #25  
Old 11-30-2018, 10:59 PM
Arlie_Proctor Arlie_Proctor is offline
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I can't answer that question. I work with some fantastic P&C actuaries around the world, so, I know the talent exists outside the US. We, in the US don't have an exclusive lock on P&C talent. However, in the case of IFRS-17, I don't see much representation of that talent.

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Perhaps that's a consequence of not having an independent group of people specializing in P&C insurance outside the US, Arles?

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  #26  
Old 12-01-2018, 09:19 AM
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Originally Posted by Arlie_Proctor View Post
There is absolutely no doubt that it is a full employment act for consultants. But I will spend some time in retirement figuring out who lobbied for what. Applied to P&C insurance, the standard is beyond stupidity. It is obvious that it was designed for life insurance and that P&C was shoehorned into it without much intelligent thought.
The Life insurance piece has its own stupidities, and I believe that fact is part of the reason why it doesn't apply in the US. Another big part of the reason is just politics.
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  #27  
Old 12-01-2018, 11:40 AM
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IFRS 17 for life insurers isnt terrible per se. The CSM is actually a good way to stabilise profits over time. The main problem is one of data. They expect insurers to have saved all their assumptions/data going back decades, which is not realistic. All the legacy business is going to have to be estimated as the data is simply not there. Going forwards, you need to merge actuarial, risk, and accounting with a lot more operational complexity (this is going to be very expensive) given how IFRS 17 is calculated. The reinsurance side of IFRS 17 also needs some improvement as well.

Good for consultants though. I expect lots of work and lots of bonuses for the next 4 years.
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  #28  
Old 12-01-2018, 11:42 AM
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It does for those of us in the US, and that is a sad fact. We are the only country that specifically trains P&C actuaries in a program separate from life actuaries. The rest of the world simply trains actuaries and releases them into the wild as qualified to practice in either field. In the case of IFRS-17 design, it is obvious that the participating actuaries either had very little experience/expertise with P&C business or that those who had the requisite experience/training were largely ignored.
Those Lloyd's folks are gonna be very annoyed....
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  #29  
Old 01-23-2019, 10:27 AM
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Just to update, another non-life reserving project also just fell on my desk.

I am spending a lot of time looking up technical CAS reserving documents to my chagrin.
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  #30  
Old 01-23-2019, 10:52 AM
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Originally Posted by Marcie View Post
Do you mean how common is it for reserving analysis to be done in Excel?

Or how common to turn over their reserving to a life actuary with no p&c qualifications?

Or how common to have a "fully qualified" life actuary doing grunt data/IT work, which is what this assignment sounds like?
I was wondering these, too.

It's pretty common for P&C reserving analyses to be done in Excel, although I think ResQ may be the industry-leading platform right now. There are advantages and disadvantages to Excel. Done with proper controls (based on a set of templates, controlled by people who know what they are doing, which can be automatically populated fresh each time, for instance) I personally think Excel has a lot of advantages. Packages tend to propel the reserving folks to just do the standard stuff, without understanding whether the assumptions are met or making adjustments when they aren't. But I agree that packages are good if you have a swarm of not-very-advanced people doing the brunt of the work.

I gotta say, I think whoever hired poly to do this work should have looked for an actuary who is actually qualified to do P&C reserving. Which poly obviously isn't.
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Originally Posted by Arlie_Proctor View Post
There is absolutely no doubt that it is a full employment act for consultants. But I will spend some time in retirement figuring out who lobbied for what. Applied to P&C insurance, the standard is beyond stupidity. It is obvious that it was designed for life insurance and that P&C was shoehorned into it without much intelligent thought.
I'm really sad to hear that.

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Just to update, another non-life reserving project also just fell on my desk.

I am spending a lot of time looking up technical CAS reserving documents to my chagrin.
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