Session 2 (Life) IFRS Mortgage Insurance Example. Denise Lang
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1 Session 2 (Life) IFRS Mortgage Insurance Example Denise Lang
2 Mortgage Insurance Example Product Description IFRS 4 CSM Decision Implications for Mortgage Insurance May 2014 CSM Decision Wording Impact of the CSM Decision on Mortgage Insurance Mortgage Insurance Liability Composition over time Mortgage Insurance Revenue Recognition Possible Options Proposed 2
3 Mortgage Insurance Product Description Insurance that protects the lender from losses due to the borrower defaulting on their mortgage Supports long-term health of the housing finance system Single Premium paid at mortgage inception insurance term is the life of the underlying mortgage (typically 25 years) Key driver of cost of claim is the loan to value ratio (LTV) LTV is the outstanding balance of mortgage to property value LTV declines over time due to amortization, mortgage prepayments, house price appreciation When LTV drops to 50%-60%, risk of loss from a claim becomes minimal Typically occurs after 7-10 years 3
4 May 2014 CSM Decision Wording The IFRS 4 principle for recognizing CSM states: The Remaining Contractual Service Margin Is Recognized in Profit Or Loss Over The Coverage Period In The Systematic Way That Best Reflects The Remaining Transfer Of The Services Under The Insurance Contract. The May 2014 decision issued by the IASB states: For non-participating contracts, the service represented by the contractual service margin would be insurance coverage that: Is provided on the basis of the passage of time; and Reflects the expected number of contracts in force 4
5 Impact of CSM Wording on Mortgage Insurance Mortgage Insurance product unique because loss emergence pattern is significantly shorter than life of contract Premium based on cost of capital to a greater extent than risk of loss CSM very large component (60-70%) of initial insurance contract liability Some ability to increase the risk adjustment to reduce size of CSM but under current proposed wording this ability is limited and the issue remains May 2014 CSM Decision requires CSM recognition based on passage of time and number of contracts in force: Sizeable CSM recognized well beyond period of risk Revenue recognition not reflective of business performance CSM virtually 100% of insurance contract liability after first 7-10 years of contract Insurance contract liability inconsistent with current capital requirements 5
6 Amount of Insurance Contract Liability Mortgage Insurance Liability Composition over time Composition And Change Of Insurance Contract Liability Over Life Of Policies Projection Year Expected Loss Risk Adj. CSM 6
7 Revenue Mortgage Insurance Revenue Recognition Insurance Contract Revenue Insurance Revenue (Based on 2013 Exposure Draft) Insurance Revenue (Based on May 2014 CSM Decision) Years Pattern based on the 2013 Exposure draft is consistent with pattern of incurred claims and current reporting Pattern based on May 2014 decision results in a large portion of the revenue being recognized after the period of risk 7
8 Possible Options Proposed 1. Allow revenue to be recognized on the basis of the expected timing of incurred claims and benefits if the expected pattern of release of risk differs significantly from the passage of time similar to the rebuttable presumption allowed under the premium allocation approach. 2. Remove the requirement to amortize the CSM based on the passage of time and number of contracts inforce 3. Allow the Risk Adjustment to be set using a cost of capital approach The IASB has received feedback from companies in several jurisdictions on this issue and has rejected the first two approaches suggested. Influencing efforts will continue related to these options as well as the third option which we are now pursuing. 8
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