Pandemic Briefing – Impact of COVID-19 on PHI FCRs
This Pandemic Briefing prepared by the Health Practice Committee, aims to help actuaries working in private health insurance complete their financial condition reports (FCR), and in particular, assess the implications of the COVID-19 pandemic.
The purpose of this note is to assist actuaries assess the impact of COVID-19 and the current economic environment on Private Health Insurers (insurers) at 30 June 2020 balance dates in the context of the Financial Condition Report (FCR). It focuses on the preparation of the 2020 FCR. It considers key implications of the claims and economic uncertainty for inclusion in the FCR.
The note includes a detailed checklist of considerations from fund strategy and organisational structure to projection of future profitability.
The Working Group would be keen to hear your thoughts. All feedback can be directed to COVID19@actuaries.asn.au.
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