Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How to construct a Cummalitive paid loss of year-end End by Age table r ULM Insurance Company's loss data. loss development. Use the Age-to-Age Development

How to construct a Cummalitive paid loss of year-end End by Age table

image text in transcribed
r ULM Insurance Company's loss data. loss development. Use the Age-to-Age Development Factors table you con Assignment 7 Actuarial Operations PROBLEM 1 ULM Insurance Company's actuaries are working to project immature loss data for years 2017, 2018, and 2019 to full maturity. The actuaries have been given the following reports, which show payments made on individual claims by accident year. Using the following tables, construct a Cummulative Paid Loss as of Year-End by Age table. Payments Made on Accident Year 2016 Claims Payments Made on Accident Year 2017 Claims Payments Made on Accident Year 2018 Claims Payments Made on Accident Year 2019 Claims Claim Number Payment Date Payment Amount Claim Number Payment Date Payment Amount Claim Number Payment Date Payment Amount Claim Number Payment Date Payment Amount 3/1/2016 160 131 7/2/2017 144 6/30/2018 10/1/2019 60 4/17/2016 117 35 8/18/2017 35 8/16/2018 1 2/15/2019 5/6/2017 26 9/6/2018 38 2/2/2019 2/17/2019 63 5/7/2019 76 7/5/2017 61 2/22/2019 20 10/18/2018 /15/2018 47 7/26/2019 28 W/ W / W /N /M N N N 12/4/2018 63 4/4/2019 2 2/7/2016 121 3/2/2017 96 2/22/2019 67 5/21/2019 3/26/2016 59 4/18/2017 11/17/2018 61 9/9/2019 4/14/2017 100 5/7/2018 36 12/20/2018 74 /7/2019 6/13/2017 14 U N N 7/6/2018 37 A / w / w / w 1/3/2019 /21/2019 8/24/2018 71 5/15/2019 24 7/27/2018 83 4/27/2016 79 1/16/2017 76 9/12/2018 63 3/4/2017 76 3/30/2019 73 6/13/2016 135 7/2/2017 24 3/23/2018 77 51 w / w w 8/31/2017 5/22/2018 24 1 1/11/2018 13 3/27/2019 28 1/15/2016 112 7/27/2017 110 3/3/2016 58 9/12/2017 78 A A A 3/22/2017 10/1/2018 29 5/21/2017 1/17/2019 229 9/2/2017 82 2/7/2016 78 3/26/2016 24 0/19/2017 11/7/2018 13 1/14/2017 PROBLEM 2 Using the Cummulative Paid Loss as of Year-End by Age table you constructed, construct an Age-to-Age Development Factors table for ULM Insurance Company's loss data. PROBLEM 3 Assume the average of the age-to-age development factors for each development period are a reasonable estimate of loss development. Use the Age-to-Age Development Factors table you constructed to project the ultimate losses for years 20 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Chapters 14-26

Authors: Carl Warren

27th Edition

1337272116, 978-1337272117

More Books

Students also viewed these Accounting questions

Question

Why was timesharing not widespread on second-generation computers?

Answered: 1 week ago

Question

1. Walk slowly; then be as still as possible.

Answered: 1 week ago