Non-life insurance: proposed IASB/FASB models

Hosted by the EY Global Insurance Center

Insurance

January 18, 2013 15:00 GMT

January 18, 2013 16:00 GMT

Duration: 01:00

Audio broadcast live from: London

Please note that we are hosting two webcasts, one focused on non-life insurance and another focused on life insurance. Click here to register for the life insurance event.

The IASB/FASB joint project on insurance contracts is making progress on the latest revised Exposure Draft (ED). It’s crucial to understand this model and what the latest developments mean for your company.

Join EY as we provide a recap of proposals specific to the life and non-life/property and casualty industries and how these proposals developed.

The agenda includes:

Good overview of proposed IASB and FASB positions.

- Director, Insurance

Panelists

Evan Bogardus

Ernst & Young LLP (US)

Evan Bogardus is a Senior Manager in the Financial Accounting Advisory Services (FAAS) practice specializing in Financial Services organizations. He has over 13 years of experience providing audit and advisory services to multinational financial services organizations in the United States, United Kingdom and Australia. His primary industries of expertise are Property/Casualty and Life insurance, but he has worked closely with banking, asset management and other entities.

Evan has been a CPA since 2001 and is licensed in New York and Massachusetts. He holds a Bachelor of Science in Finance from Villanova University and a Masters in Accounting from the University of Virginia.

Gareth Kennedy

Ernst & Young LLP (US)

Gareth Kennedy is a Senior Manager in the Insurance and Actuarial Advisory Services practice and is based in the firm’s Chicago office. Mr. Kennedy joined Ernst & Young LLP in 2006 and has thirteen years of experience as a property and casualty actuary. Prior to joining EY, Mr. Kennedy was employed by a large accounting firm in Chicago and in London.

Mr. Kennedy has extensive experience in reserving for personal and commercial lines insurance/reinsurance companies. He has served clients throughout the US, Bermuda and London markets. In particular his work included performing an evaluation of the associated liabilities on a fair value basis. This involves estimating the future cash flows associated with insurance contracts, the time value of money and an appropriate risk margin which is dependent on the reserve variability. In addition, Mr. Kennedy has GAAP conversion experience from a year working on a UK to US GAAP conversion for a major European insurance company.

Timothy Rogerson

Ernst & Young LLP (UK)

Tim Rogerson is a Senior Manager in the UK Financial Reporting Group and member of EY’s Global insurance Subject Matter Group.

Clear exposition of the proposals. Use of simple examples to demonstrate some of the principles.

- Analyst, Insurance

Moderator

Kevin Griffith

Ernst & Young LLP (UK)

Kevin Griffith leads the Insurance Financial Accounting Advisory group in the UK which specialises in financial and regulatory reporting in the insurance industry. He has extensive insurance industry and accounting advisory experience in Europe and South Africa and heads up EY's Pillar 3 initiative in the UK.

Kevin has led the Accounting, Reporting and Disclosure workstreams for a number of Solvency II projects in Europe where he has advised on the development of market consistent balance sheet reporting, set up of reporting infrastructure and processes, and the production of Pillar III disclosures. He has also advised on the operating model and responsibilities of finance in a post-Solvency II world.

He has worked with both large multi-national groups and smaller single country insurers and has advised insurers in the life, non-life and reinsurance sectors.

I liked the "takeaway" summary at the conclusion of the webcast.

- Director, Insurance