🇬🇭 IFRS 17 Disclosure Templates

Professional Templates for Ghana's Non-Life Insurance Industry

📊 Insurance Contract Liabilities Roll-Forward

📌 NIC Requirement:

This reconciliation is mandatory for all non-life insurers under IFRS 17 paragraph 100. Must be presented for both gross amounts and reinsurance contracts held separately.

Component Present Value of Future Cash Flows (GHS '000) Risk Adjustment (GHS '000) CSM (GHS '000) Total (GHS '000)
Opening Balance (1 Jan 2024) 45,320 3,450 8,230 57,000
New Business Written 12,500 950 2,100 15,550
Expected Premium Receipts -28,400 - - -28,400
Expected Claims & Expenses 18,200 - - 18,200
Experience Adjustments 1,250 -120 -180 950
CSM Recognized in P&L - - -2,850 -2,850
Risk Adjustment Released - -680 - -680
Finance Income/Expense 1,820 140 320 2,280
Closing Balance (31 Dec 2024) 50,690 3,740 7,620 62,050

Coverage Units Released

42%
↑ 5% vs Prior Year

Loss Ratio

64.1%
↑ 2.3% vs Prior Year

CSM Margin

12.3%
↑ 0.8% vs Prior Year

Risk Adjustment %

6.0%
— No Change

📈 Contractual Service Margin (CSM) Movement Analysis

⚠️ Key Considerations for Ghana Market:

  • Motor Third Party policies use simplified PAA - no CSM tracking required
  • Engineering & Construction contracts > 12 months require full CSM analysis
  • Coverage units should reflect Ghana's seasonal business patterns
  • Interest accretion rate should align with Bank of Ghana rates
CSM Movement Components Q1 2024 (GHS '000) Q2 2024 (GHS '000) Q3 2024 (GHS '000) Q4 2024 (GHS '000) YTD Total (GHS '000)
Opening CSM Balance 8,230 8,450 8,320 8,180 8,230
New Business Added 650 480 520 450 2,100
Interest Accretion 380 390 385 378 1,533
Changes in Estimates (Favorable) 120 -85 45 -95 -15
Changes in Estimates (Unfavorable) -180 -220 -150 -125 -675
Foreign Exchange Impact 25 -35 -45 38 -17
CSM Recognized (Coverage Units) -725 -660 -745 -720 -2,850
Closing CSM Balance 8,450 8,320 8,180 7,506 7,506
Coverage Units Analysis
Total Coverage Units 24,500 23,800 23,200 22,600 94,100
Coverage Units Released 6,125 5,950 6,380 6,328 24,783
Release Percentage 25.0% 25.0% 27.5% 28.0% 26.3%

✅ Coverage Units Determination for Ghana Non-Life:

For Motor: Policy count × remaining coverage period | For Property: Sum insured × time | For Engineering: Contract value × percentage completion | For Marine: Voyage days or sum insured

⚠️ Risk Adjustment for Non-Financial Risk

📊 Methodology Selection:

Ghana insurers typically use Cost of Capital (CoC) or Confidence Level approach. This template supports both methods as approved by NIC Circular No. IC/REG/2023/04.

Line of Business Best Estimate Liabilities (GHS '000) Standard Deviation (GHS '000) Risk Adjustment % Applied Risk Adjustment Amount (GHS '000)
Motor Comprehensive 18,500 2,220 12.0% 2,220
Motor Third Party 24,300 3,645 15.0% 3,645
Fire & Burglary 8,200 738 9.0% 738
Marine & Aviation 3,450 414 12.0% 414
Engineering 5,600 840 15.0% 840
General Accident 4,200 462 11.0% 462
Total Portfolio 64,250 8,319 12.9% 8,319

Risk Adjustment Movement Analysis

Movement Component Amount (GHS '000) Impact on P&L
Opening Risk Adjustment (1 Jan 2024) 7,850 -
Risk Adjustment on New Business 1,250 Deferred
Risk Adjustment Released to P&L -890 Income
Changes in Risk Assessment 109 Expense
Closing Risk Adjustment (31 Dec 2024) 8,319 Net Income: 781

🎯 NIC Disclosure Requirements:

  • Confidence level used and justification for selection
  • Sensitivity analysis showing impact of ±5% confidence level change
  • Reconciliation of risk adjustment from opening to closing
  • Comparison with Solvency Capital Requirement (SCR) buffer

📋 Claims Development Table (Gross of Reinsurance)

📌 Ghana Market Context:

Claims development patterns reflect Ghana's unique factors: delayed reporting for motor third party claims, seasonal flooding impacts on property claims, and foreign exchange impacts on marine claims.

Incurred Claims Development (GHS '000)

Accident Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Ultimate
2015 12,450 14,230 15,120 15,450 15,680 15,750 15,820 15,890 15,920 15,950 15,950
2016 13,200 15,450 16,380 16,890 17,120 17,250 17,320 17,380 17,420 - 17,420
2017 14,500 16,820 17,980 18,450 18,720 18,890 18,980 19,050 - - 19,050
2018 15,600 18,120 19,450 19,980 20,280 20,450 20,550 - - - 20,550
2019 16,800 19,650 21,120 21,750 22,080 22,280 - - - - 22,280
2020 14,200 16,450 17,680 18,120 18,380 - - - - - 18,380
2021 18,500 21,780 23,450 24,120 - - - - - - 24,120
2022 20,300 23,950 25,780 - - - - - - - 26,540
2023 22,100 26,080 - - - - - - - - 28,950
2024 24,500 - - - - - - - - - 32,110

Development Factor Analysis

Development Period Motor Third Party Motor Comprehensive Property Marine Weighted Average
12-24 months 1.182 1.085 1.095 1.065 1.118
24-36 months 1.089 1.025 1.035 1.015 1.048
36-48 months 1.042 1.008 1.012 1.003 1.021
48-60 months 1.018 1.002 1.004 1.001 1.009
60+ months (Tail) 1.008 1.001 1.001 1.000 1.003

✅ Key Metrics from Claims Development:

Outstanding Claims Reserve: GHS 45,280,000 | IBNR Reserve: GHS 12,450,000 | Total Claims Liabilities: GHS 57,730,000 | Reserve Adequacy Ratio: 108.5%

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