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Wearhead,
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DL13 1PU.

Phone Number :: 01388 537755
Fax Number :: 01388 537733
info@reinsurance.me.uk

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2.4 CLAIMS RESERVING - EXTENDED COURSE

An intermediate level course providing an opportunity for delegates to develop their understanding of claims reserving, both individual case reserving and IBNR estimation, and the importance of claims reserves to the insurance operation. In addition the course will provide an overview of some of the more complex estimation methods utilised by actuaries.

Content
Purposes of claims reserving. Technical reserves in an insurance company's accounts. Lloyd's accounting: three-year and one-year accounts. Record keeping and monitoring reserve movements.
Reserves and provisions.
"True and fair"; accruals.
Individual case reserves methods and approaches. Factors to consider; property reserves; UK damages in liability cases; use of Ogden tables; "win" factors and exposure reserving.
IBNR - what it is and how it arises.
Organizing claims data.
Simple approaches to IBNR estimation: loss development curves, triangulations, link-ratio methods. Statistical assumptions behind these approaches.
Inflation and discounting.
Dealing with the very long tail: some possible approaches to APH reserves.
Overview of some other actuarial approaches
Estimating future reinsurance recoveries.
Some accounting considerations for treatment of reserves. Regulatory considerations. Solvency tests and risk-based capital requirements.

Learning Outcomes
On completion of the course delegates will have a knowledge of the basis and techniques and purposes of claim reserving; individual case reserving; how to record and monitor individual claim developments; data collection and organisation; some simple approaches to IBNR calculation including triangulations and the link-ratio method; estimating reinsurance recoveries on reserves; approaches to APH "bulk" reserving; and the financial aspects of technical reserves. They will be able to assess and understand the significance of actuarial and mathematical reserving reports prepared for them, and have an appreciation of some of the more sophisticated actuarial methods utilised.

Intended Audience
The course will be appropriate for all those involved in or requiring an understanding of claims reserving and the role of the claims department, including claims professionals, underwriters and financial managers. The course will involve some elementary statistical exercises so delegates with a moderate mathematical knowledge will benefit most.

Format
The course will include lecture, case studies and worked mathematical exercises.

Duration
One day.

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