Annual Insurance Update 2023

Description/Overview: 

This course will provide updates on the latest accounting developments impacting the insurance industry in Cayman. The panel of speakers will focus on industry trends, key updates to accounting standards , as well as exploring topics around Environmental, Social, and Governance (ESG). 

Speakers:  

Developments in life and annuity reinsurance and other recent accounting standard updates:  Harvey Gowers, a Director at KPMG Cayman Islands, will provide an overview of developments in the growing life and annuity reinsurance sector in the Cayman Islands including an explanation of typical reinsurance structures. This session will also provide key accounting considerations for annuity reinsurers, and a reminder of the key upcoming accounting standard changes applicable for 2023 including IFRS 17 and ASC 326.

Long Duration Targeted Improvements (“LDTI”):  Chariza Jane Are, a Senior Manager in Ernst & Young’s Financial Services Audit practice, will provide an overview of the Financial Accounting Standards Board’s (FASB) new Long Duration Targeted Improvements standard, including discussion on its key provisions and implications for financial reporting.

ESG Update: Nicki Angstadt, a Senior Manager in Ernst & Young’s Financial Accounting Advisory Services practice will explore the dynamic landscape of Environmental, Social, and Governance (ESG) and its implications on financial reporting.

Learning Objectives: Insurance update for both industry and audit professionals.

Who should attend: Insurance industry professionals, accounting staff and directors for insurance companies.

CPD Credits: 3

Cost: CIIPA Member: KYD $90 / Non-member: KYD $110