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Actuarial Science An insurer is reviewing claims for a certain line of insurance from Accident year 2 0 2 3 . The earned premiums in

Actuarial Science An insurer is reviewing claims for a certain line of insurance from Accident year 2023. The earned premiums in 2023 were $7.7 million. The base premium in 2023 was $1,120. However there was a rate change from the old premium of $1,070 on 1st May 2023. The total losses in Accident Year 2023 were $6.43 million. What should the new premium for Policy Year 2025 be if the permissible loss ratio is 0.75 and annual inflation is 7%?
  

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