IFRS17 보험부채 시가평가에 관한 연구

In this study, the framework of evaluation of insurance liability in IFRS17 circumstances is examined. Under IFRS17 current assumptions are used to get the market value of liability. And the current value of reserve or fulfillment cash flow is decomposed in best estimate liability, risk adjustment and contract service margin. The estimates of future cash flow with discount effect is named as best estimate liability. Therefore in evaluating of best estimate liability asto future cash flow and discount effect, the estimate of discount rate is inevitable and important. However IFRS17 does not provide detailed guidance on how to estimate discount rate. Therefore, it is essential to find the appropriate method to estimate the risk-free rate and liquidity premium. The top-down or bottom-up approach can be used with basic yield curve. This study also investigate the effects of the IFRS17 implementation on the insurance industry. The implementation of IFRS17 is expected to increase volatility in the financial statements due to the fluctuation of values of insurance liability and the increased volatility of earnings. Above all, because of increasing volatility, the changes into short-term oriented asset management is expected and the increases in short-term investment proportion are expected in order to reduce the risk of asset management. And insurance company tries to focus on short-term financial item rather than long-term one. The possible side effects in practicing the IFRS17 insurance contract is investigated, the most urgent matter is to change the recognition of IFRS17 by understanding the evaluation structure of insurance liability. And in order to minimize the negative impact, it is necessary to check about establishing an appropriate forecast system for market, training actuarial experts, building a risk supervisory system, developing actuarial requirements through the institution of supervision, as well as introducing an adequacy analysis in advance.