Two Insurance Questions
First, to any casualty actuaries reading me, if I get this wrong please correct me. I am a life actuary by training, though I’ve tried to learn your discipline in broad from outside.
There are two main exhibits for P&C reserving in 10Ks — there are the loss triangles that go by accident year (i.e. the year in which the claim is incurred, rather than paid). But the triangles show what has been paid, and how the incurred estimate changes over time. With this, you can see how estimates of losses have proven liberal or conservative over time.
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