Quantification and reporting of uncertainty for general insurance reserving

Document description

This paper has been produced by ROC (the Reserving Oversight Committee, a subcommittee of the General Insurance Board of the Actuarial Profession). The GRIT Report (<i>A change agenda for reserving</i>, presented to the Institute of Actuaries on 27 March 2006) recommended that 'an actuary should be required to show a numerical estimate of uncertainty in any formal report wherever a point of estimate of reserves is supplied.' The purpose of this paper is to set out the views of the members of ROC on how this recommendation should be implemented in practice.