Claims made

Document description

There is a considerable vacuum in the knowledge of insurance personnel in the area of claims coverage. Both actuaries and non-actuaries too often do not appreciate the significant difference that a change in claims coverage can mean to a policy.A paper detailing the problems related to this topic is desperately needed. The change from occurrence based to claims made (generally for professional indemnity contracts and specifically for USA Medical Malpractice business in the mid-1980's) is causing problems with data development, and so many actuaries are not dealing with the change properly.