October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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374 Pricing in General Insurance
23.1.5 Severity Analysis
23.1.5.1 IBNER
There may be IBNER, which may be partly compensated by the general practice of putting
a gure on the claim only when the claim amount becomes reasonably certain.
23.1.5.2 Severity Distribution
• Because the occurrence date (i.e. the date in which professional advice was given)
has no bearing on the claim amount, and in any case it is not normally available,
it is customary to revalue the claims from the reporting date to the midterm of the
renewal policy.
• The loss severity is very sensitive to things such as court ination and jurisdiction.
• Very large losses – ...
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