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Loss Reserves in the London Market

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  • Maher, G.P.M.

Abstract

This paper addresses the process of estimating loss reserves for a company or syndicate writing in the London Market. Particular emphasis is placed on insurers maximising the value of the process, and ensuring that the process is not simply a series of mathematical calculations. The use of sophisticated mathematical techniques should not distract from the importance of understanding the business and ensuring that data are correct. Sophisticated mathematical techniques can give rise to misleading impressions of confidence and accuracy to estimates, which are often subject to considerable uncertainty. The principles (rather than the detailed techniques) are illustrated by a case study based on a hypothetical London Market writer. Many of these principles are relevant to other markets.

Suggested Citation

  • Maher, G.P.M., 1995. "Loss Reserves in the London Market," British Actuarial Journal, Cambridge University Press, vol. 1(4), pages 689-760, October.
    • Handle: RePEc:cup:bracjl:v:1:y:1995:i:04:p:689-760_00
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    1. Rüdiger, Mathias, 1997. "Marketing-Erfolgsfaktoren bei Innovationen: Eine kritische Analyse der Studien von Cooper und Kleinschmidt," Manuskripte aus den Instituten für Betriebswirtschaftslehre der Universität Kiel 462, Christian-Albrechts-Universität zu Kiel, Institut für Betriebswirtschaftslehre.

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