Use the claim history data below to answer the questions below. Assume all claims are paid...
- Use the claim history data below to answer the questions below. Assume all claims are paid by the end of the 3rd year following the accident year.
|
Accident |
Cumulative PAID claims history through end of: |
|||
|
Year |
2012 |
2013 |
2014 |
2015 |
|
2012 |
100 |
400 |
900 |
1000 |
|
2013 |
140 |
650 |
1500 |
|
|
2014 |
250 |
900 |
||
|
2015 |
300 |
|||
(Careful! This format is used by health actuaries, but is slightly different than the format shown in the reading material and used by casualty actuaries).
- (5 points) What was the total amount of claims payments during 2013?
- (5 points) What is the 3rd to 4th period link ratio for the 2012 accident year?
- (5 points) What is the estimate of ultimate loss for accident year 2014?
- (25 points) Assuming these are the only paid claims (i.e., the company did not exist before 2012), use the paid development method discussed in class to determine the loss reserves at the end of 2015 by accident year and total for all accident years combine
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Use the claim history data below to answer the questions below.
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