Use Word or Excel to complete the table and be sure to include all calculations Case Study $2$: Workers' Compensation Background: A workers' compensation insurer has data on incurred claims for five accident years. The insurer is concerned about reserve adequacy and wants to apply loss development to predict ultimate claims. Loss Triangle $($Incurred Losses$)$: Accident Year $12$ months $24$ months $36$ months $48$ months $60$ months Year $1$ $$500,000$ $$800,000$ $$850,000$ $$880,000$ $$900,000$ Year $2$ $$520,000$ $$810,000$ $$860,000$ $$890,000$ Year $3$ $$530,000$ $$820,000$ $$870,000$ Year $4$ $$540,000$ $$830,000$ Year $5$ $$550,000$ Task: Calculate the development factors for each period. Project ultimate losses for each year using the chain ladder method, Calculate the loss rate for each year and Estimate Year $6$ given the Inflation and exposures, and Include $3$ Noteworthy Observations about the data: Year $11\mathrm{.}06$ Inflation, $100,000,000$ payroll Year $21\mathrm{.}06$ Inflation, $100,100,000$ payroll Year $31\mathrm{.}08$ Inflation, $105,100,000$ payroll Year $41\mathrm{.}11$ Inflation, $99,830,000$ payroll Year $51\mathrm{.}20$ Inflation, $101,700,000$ payroll Year $61\mathrm{.}18$ Inflation, $102,350,000$ payroll Use Word or Excel to complete the table and be sure to include all calculations