I understand that these tend to be long tailed. However it is the composition of the delay I am interested in. What is the reporting delay like? I assume this is very short relative to the settlement delay? Am I right?
Depends on the type of claim. For example, motor whiplash claims can take a good few months to report (as the injury may not present itself immediately). Then settlement depends largely on how long you suffer the pain for, and could be considerably longer. Another example: asbestosis. Reporting delay - could be many years, depending on when you deem the 'event' to have happened. Settlement...well, depends on the nature of the disease, whether you survive it, etc.
