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Credibility theory

J

Jammy

Member
Hi, I'm unable to understand a statement on pg 44 of the chapter:

'As a last resort, the complement may be based on the prior year's analysis; this, in effect, takes more years of data into account.'

What do you mean by being based on prior year's analysis? How does it imply you've taken more years of data?

Thanks :)
 
Base statistics from latest years of data of a grounp.
Complement statistics is from prior years analysis of the same group, so we need more data of same risk group.
 
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