You are given the following information about a line of insurance business:

Accident Year Cumulative Paid Losses through Development Year Earned Premium 0 1 2 3 AY1 16,500 24,600 30,300 33,700 45,000 AY2 17,500 24,800 29,100 48,000 AY3 19,400 27,800 50,000 AY4 19,900 55,000 The expected loss ratio is 65%. Assume no loss development after Development Year 3.

An actuary uses the Bornhuetter-Ferguson method with volume-weighted average factors to estimate the loss reserve.

Estimate the average of the loss ratios for AY1 through AY4 after all claims have been settled.