Difference between revisions of "Friedland14.Recoveries"
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|| [https://www.battleacts5.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(24).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2016.Fall #24)'''</span> | || [https://www.battleacts5.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(24).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2016.Fall #24)'''</span> | ||
|| <span style='color: blue;'>'''(S/S)'''</span> '''ultimate S/S''': <br> - devlpt method | || <span style='color: blue;'>'''(S/S)'''</span> '''ultimate S/S''': <br> - devlpt method | ||
| − | || <span style='color: blue;'>'''(S/S)'''</span> '''ultimate S/S''': <br> - ratio method | + | | style='background-color: lightgrey;' | <span style='color: blue;'>'''(S/S)'''</span> '''ultimate S/S''': <br> - ratio method |
|| <span style='color: blue;'>'''(S/S)'''</span> '''ultimate S/S''': <br> - any method | || <span style='color: blue;'>'''(S/S)'''</span> '''ultimate S/S''': <br> - any method | ||
| style='background-color: lightgrey;' | | | style='background-color: lightgrey;' | | ||
Revision as of 20:31, 26 March 2020
Chapter 14: Recoveries: Salvage and Subrogation and Reinsurance
Reading: Friedland, J.F., Estimating Unpaid Claims Using Basic Techniques, Casualty Actuarial Society, Third Version, July 2010. The Appendices are excluded.
Pop Quiz
Study Tips
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
- (Reinsurance)
- - understand mechanics of quota-share (Q/S) & stop-loss reinsurance
- - calculating ultimate claims net of reinsurance using net/gross/ceded loss triangles and appropriate tail factors
- (Salvage/Subrogation)
- - calculating ultimate salvage & subrogation using either the development method or the ratio method
- - selecting the best method, knowing the advantages & disadvantages of each
reference part (a) part (b) part (c) part (d) E (2019.Spring #21) (Reins) identify scenario:
- high reported claims(Reins) ultimate:
- discuss approachesE (2019.Spring #23) (Reins) retained IBNR:
- rptd devlpt methodE (2018.Spring #22) E (2017.Fall #16) (Reins) CYEP:
- calculate(Reins) gross UEP:
- calculate(Reins) reported claims:
- calculate AY valueE (2017.Fall #25) (Reins) net unpaid claims:
- reptd devlpt methodE (2016.Fall #24) (S/S) ultimate S/S:
- devlpt method(S/S) ultimate S/S:
- ratio method(S/S) ultimate S/S:
- any methodE (2015.Fall #23) (Reins) net PY IBNR:
- calculate(Reins) net PY unpd clms:
- calculateE (2015.Spring #24) (S/S) net ultimate clms:
- ratio methodE (2014.Fall #21) (Reins) reins program:
- determine structure(Reins) ceded IBNR:
- calculateE (2014.Spring #20) (S/S) ultimate S/S:
- ratio methodE (2013.Fall #22) (Reins) net data:
- assess reasonableness(Reins) ultimate clms:
- net/gross/ceded(Reins) tail factors:
- impact of Q/S & stop-lossE (2013.Spring #24) (S/S) ultimate S/S:
- devlpt method(S/S) ultimate S/S:
- ratio method(S/S) ultimate S/S:
- best method
In Plain English!
Here is an old exam problem asking you for the ultimate S/S using both the standard development method and the ratio method:
- E (2016.Fall #24)
The development method for S/S is exactly the same as the development method for any other triangle of loss data. I have included the result of the development method but not the intermediate steps. (Alice the Actuary says you should know how to do that by now!) The solution below shows the details for the ratio method:
