12 paragraphs found in AASB 1023
Based on the total movement in net claims incurred, it may appear that there has not been a material reassessment of risks borne in previous periods, however, there may be material movements at a business segment level, that mitigate each other. For …
… risk contract by contract, rather than by reference to materiality to the financial statements [1] . Thus, …
For claims expected to be settled within one year of the end of the reporting period, where the amount of the expected future payments does not differ materially from the present value of those payments, insurers would not need to discount the expected …
The longer the expected period from the end of the reporting period to settlement, the more likely it is that the ultimate cost of settlement will be affected by inflationary factors likely to occur during the period to settlement. These factors include …
Premium revenue needs to be recognised from the date of the attachment of risk in relation to each general insurance contract because insurers earn premium revenue by assuming insurance risks from that date on behalf of those insured. However, for reasons …
In the case of business where the premium is subject to later adjustment, the adjusted premium shall be used, where possible, as the basis for recognising premium revenue. Where this is not possible, the deposit premium , adjusted for any other relevant …
Where a general insurer has issued a non-insurance contract or holds a non-insurance contract as a cedant, and that non-insurance contract has a material financial impact on the statement of comprehensive income, statement of financial position or cash …
For the purposes of AASB 134 Interim Financial Reporting , the determination of the outstanding claims liability does not necessarily require a full actuarial valuation. In accordance with AASB 134 , the outstanding claims liability would need to be …
To comply with paragraph 17.7.1(b)(i) , an insurer shall disclose either (a) or (b) as follows: (a) a sensitivity analysis that shows how profit or loss and equity would have been affected had changes in the relevant risk variable that were reasonably …
To comply with paragraph 17.6 , an insurer shall disclose: (a) its accounting policies for insurance contracts and related assets, liabilities, income and expense; (b) the recognised assets, liabilities, income, expense and cash flows arising from …