October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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13Pricing Process
1.1.5 Limitations of This Elementary Pricing Example
As mentioned at the beginning, this elementary pricing exercise is only a simplied ver-
sion of what pricing looks like in reality.
A more realistic process will be illustrated later on in the book. For now, it is worth not-
ing what the main limitations of this simplied approach are. We have already hinted at
some of them in the previous sections: for example, the need for IBNR correction has been
circumvented with a trick – IBNER has been ignored.
The main limitation, however, is that the calculations are based on aggregate informa-
tion, that is, the total claims reported ...
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