How IFRS 17 impacts CSM – Actuaries vs Finance

As all insurance companies are probably aware by now, the introduction of IFRS 17 comes with many new requirements. One of these new requirements is a contractual service margin (CSM). The CSM is the unearned profit of an insurance contract. While technical experts are still considering what methodology should be used to calculate the CSM, CTOs and other IT experts such as heads of systems are investigating what technology should be used to calculate the CSM.

  • The contractual service margin (CSM) is a significant part of IFRS 17
  • How are insurance companies factoring this into their IT strategy?

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Published by

Patrick Maeder

Patrick Maeder

Patrick Mäder
PwC
Birchstrasse 160
Postfach, 8050 Zürich
+41 58 792 45 90

Patrick is PwC’s Swiss Financial Service Consulting leader and the EMEA Insurance Consulting leader. Patrick has over 25 years of experience in the international Financial Services and Consulting industry. Over the last 15 years he had leadership roles in Management Consulting and led various operating finance- and risk transformation projects with a focus on model design, target architecture and implementation projects at various Financial Services companies in Bermuda, the US, the UK and Europe.