Top 10 Milliman Ireland articles in 2022

We have prepared a round-up of the top 10 articles on the Milliman Ireland website in 2022. With IFRS 17 now live as of 1 January 2023, it’s no surprise our article discussing the key points of focus for a fast implementation topped the list last year, as many companies prepared their models and systems for the new changes. A wide range of articles made up the rest of the top 10, covering topics such as data analytics in life insurance, Solvency II QRTs, climate change, risk management and more.

Here is the list of our top 10 most read articles for 2022.

1. IFRS 17 – Key points of focus for a fast implementation

   IFRS 17 brings completely new concepts, new ways of reporting results and many modelling challenges. This article provides an insight to the new IFRS 17 profit and loss and balance sheet and the key points of focus to have considered for a fast implementation.

2. Data analytics and AI application in life insurance

   Life insurers are embracing the use of machine learning (ML) and artificial intelligence (AI) models and techniques in all areas of their business. This article outlines some of the use cases of these techniques in the life insurance industry.

3. Analysis of Solvency and Financial Condition Reports: Year-end 2021

   2021 was a good year for premiums, assets and solvency cover, as detailed in this analysis report of YE2021 SFCRs for life insurers in Ireland.

4. Solvency II reporting: Year-end 2021 and beyond

   To help prepare for Solvency II reporting throughout 2022, this briefing note detailed Solvency II reporting deadlines in 2022, the changes in the reporting framework relative to the previous year and includes an infographic timeline highlighting the key deadlines.

   Looking ahead, our year-end 2022 version is now available here.

5. Sustainability factors: Update to Solvency II delegated regulations

   August 2022 saw an amendment to the Solvency II Delegated Regulations come into effect that integrates sustainability risks and ESG considerations into the Solvency II risk management framework, as summarised in this paper.

6. IFRS 17 – Model validation and governance

   IFRS 17 makes the list again, with a focus on model validation that delves deeper into the need for comprehensive validation of IFRS 17 models and results.

7. Challenges for life insurers in the low interest rate environment

   The low interest rate environment poses challenges for life insurers. This article describes the economic backdrop of low interest rates and how low interest rates have affected areas such as product development, investment and asset and liability management strategies.

8. CP150: Guidance for (re)insurance undertakings on intragroup transactions and exposures

   In July 2022, the Central Bank of Ireland (CBI) published a Consultation Paper (CP) inviting stakeholders to provide their views on the proposed Guidance for (Re)insurance Undertakings on Intragroup Transactions (IGTs) and Exposures. The purpose of this briefing note is to summarize key proposals in the CP regarding risk management processes associated with IGTs as well as to identify some of the areas that company’s may struggle to comply with.

9. Solvency II QRTs: EIOPA taxonomy updates

   EIOPA published two sets of draft proposed Quantitative Reporting Templates (QRTs) to apply from 31 December 2022 and 2023. This briefing note summarises proposed amendments from EIOPA to QRTs for YE2022 and YE2023.

10. It’s not a recovery plan – it’s a management action tool kit

    This paper explores what can be learnt from the best practices of European insurers’ recovery plans, and how such planning can be used to support a broader enterprise risk management program.