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Hi Roneil Yes you are correct. In this case you will get a (small) reserve for unexpired risks for the most recent underwriting year too. In...
The reported outstanding claims that are part of incurred claims triangles can relate either to claims that have started to be paid or claims in...
Hi Roneil Strictly speaking the outstanding claims reserves (OCR) include all of the following: reporting outstanding claims (=case estimates)...
There are 1,000 policies on risk during Sep, 2,500 in Oct, 4,500 in Nov and 7,000 in Dec. You can think of these as like exposure units. During...
Can you tell us which past exam paper this question relates to please?
The point here is a disadvantage from the perspective of the insureds (not the insurers). If insurers move to more accurate premiums for each...
Hi Lara Yes that's a really good way of thinking about it. I couldn't have said it better myself!
The j in the formula is the size of an individual claim (or win in the example you refer to). Your options for winning 150 are correct, but...
This question is covered in detail in the ASET, so you might like to purchase that for more information, but here are some brief thoughts: -...
There is a typo in the examiners' report - the weighted average loss ratio shown of 97.2% is actually a simple average and the simple average...
The exam is now 3hrs and 20 minutes long, so that's 200 minutes, which gives 2 minutes per mark. You may of course prefer to reduce this and...
Remember an external insurer will be in business to make money, so by keeping the premiums within the group, Coca Cola / Fedex, saves passing on...
Incurred claim triangles, include not only the paid claims, but also the estimated outstanding claims. Consequently, they should be closer to the...
Just to clarify what mugono has said here, reinsurers enter into contracts of reinsurance with either insurance companies or other reinsurers (in...
