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Operational time and a fundamental problem of insurance in a data‐rich environment

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  • D. H. Reid

Abstract

A problem of current concern in the assessment of claims experience in non‐life insurance is addressed. The problem relates to the interface of two well‐defined areas of actuarial activity, namely reserving and rating. A model is proposed that permits the analysis of claim settlement experience in such a way as to allow for variations in settlement rate, proportions of nil claims and variations from year to year in a risk‐factorial background. From this, the reserving approach may be developed coherently into the area of risk costing for rating purposes.

Suggested Citation

  • D. H. Reid, 1995. "Operational time and a fundamental problem of insurance in a data‐rich environment," Applied Stochastic Models and Data Analysis, John Wiley & Sons, vol. 11(3), pages 257-269, September.
    • Handle: RePEc:wly:apsmda:v:11:y:1995:i:3:p:257-269
    DOI: 10.1002/asm.3150110307
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