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IBOR transition effects for the insurance industry

The end of the IBOR era is near and IBOR transitions are a big challenge for both the regulators and the insurance industry. Survey results have revealed that most of the insurance firms already have a formal transition plan in place. However, these often lack details, unified planning, and strategizing investment priorities. Nevertheless, we need to anticipate for the transition before the end of 2021.

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Insurers at the boiling point

Financial impact of COVID-19

At the beginning of 2020, the coronavirus COVID-19 disrupted the world in a manner that hardly anyone was prepared for. A vast amount of resources is required to get through this phase. For insurance companies, this means facing greater uncertainty regarding the management of financial risks on their balance sheet at a time when they are already dealing with the low interest rate environment and major regulatory changes, such as IFRS 17.

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IBOR Reform in Switzerland: Transition from CHF LIBOR to SARON – part 1

The Financial Conduct Authority (FCA) will stop supporting LIBOR from the end of 2021, while more than 80% of CHF loans are currently priced based on the CHF LIBOR. According to the Swiss National Working Group, the Swiss Average Rate Overnight (SARON) is the proposed replacement standard. The transition period poses a number of different challenges for the market.

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IBOR Reform impact on IFRS 17

As a new accounting standard for insurance contracts, IFRS 17 is seen as one of the big regulatory disruptions for insurance companies in the coming decade. The determination of discount curves is crucial for the implementation of the standard. Underlying complexity will be further increased by a second disruptive change in financial markets: the IBOR reform.

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Zanders Risk Management Seminar

As with famous movie franchises like Star Wars, The Avengers and James Bond, many risk management professionals have had to wait a few years for the next episode of the Zanders Risk Management Seminar.

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