Document library
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- Author:
- D E A Sanders; A N Hitchcox; R Manjrekar
- Source:
- British Actuarial Journal [BAJ] (1998) 4(3): 427-483
Aspects of pricing in the London Market
Actuaries have become increasingly involved in general insurance and in particular in the London Market. This paper examines the management of the pricing process in the context of the London Market, and deals with concepts such as profit testing, risk ... read more >>
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Claims Reserving Manual, vol.2: Section B: Description of stochastic models
Section 2B of the Supplementary Introduction to Volume 1 gives a general description of reserving methodology. In that description, the process of arriving at an estimate of future payments is described as one of constructing a model, fitting it to some ... read more >>
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- Author:
- Thomas Mack
Claims Reserving Manual, vol.2: Section D6: Measuring the variability of chain ladder reserve estimates
The variability of chain ladder reserve estimates is quantified without assuming any specific claims amount distribution function. This is done by establishing a formula for the so-called standard error which is an estimate for the standard deviation of ... read more >>
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- Author:
- Sidney Benjamin; Lawrence M Eagles
Claims Reserving Manual, vol.2: Section D3: A curve fitting method and a regression method
This method models the run-off triangle row-by-row and then ties the rows together. Each row, or year of account, is modelled by a Weibull distribution function. This model was suggested by D H Craighead, and so the Weibull distribution function has become ... read more >>
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Claims Reserving Manual, vol.1: Section I: Methods for IBNR
IBNR means "Incurred but not reported". The term refers to claims not yet known to the insurer, but for which a liability is believed to exist at the reserving date. That is simple enough in itself, but the four letters contain a wealth of meaning, and of ... read more >>
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- Author:
- D H Reid
Claims Reserving Manual, vol.2: Section D4: Reid's method
This is a description of a reserving method first proposed by D K Reid (1978) and subsequently developed in a series of papers (Reference 1 to 3). It is a very powerful method of most relevance in direct business where data is available subdivided by claim ... read more >>
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Claims Reserving Manual, vol.1: Section C: Company and external influences
If we lived in a world where nature and human activity were well behaved and gave no cause for upset or surprise, then claims reserving would be a simple matter scarcely requiring the services of the expert. One would need to assess the values of at most ... read more >>
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Claims Reserving Manual, vol.1: Section L: Actuarial considerations
Actuarial methods have for a long time been at the heart of life assurance, providing the essential discipline and long-term financial control. But in the last three decades, it has been increasingly realised in the UK that actuarial methods have an ... read more >>
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Claims Reserving Manual, vol.1: Section B: Data and forecasting
This section introduces some of the main building blocks for claims reserving. To begin with, there is the important idea of making a projection of past experience into the future. Since the future never takes the trouble to conform properly with the past, ... read more >>
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- Author:
- Thomas S Wright
Claims Reserving Manual, vol.2: Section D7: Probability distribution of outstanding liability from individual payments data
Many stochastic claims reserving methods use aggregate data and yield the first two moments (best estimate and standard error) of the outstanding liability. The term "aggregate data" here refers to the total of payments made for each cohort and each stage ... read more >>