Hi, Page 13 says: "If we had a loss ratio for the risk, we could work out the expected losses as the loss ratio times that premium." What loss ratio and expected losses is this referring to, the gross or ceded risk?
Hi I haven't gotten to chapter 20 yet but from my understanding if the loss ratio is gross, you'd get the expected gross loss when you multiply the gross loss ratio to the gross premium. Similar reasoning for the expected ceded losses.
