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Thread: Reserving and Pricing

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  1. #1
    Shabazz
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    Reserving and Pricing

    Currently working in catastophe modelling. Would like to know what reserving and pricing involves. Is it as exciting as catastrophe modelling?

  2. #2
    You spam? I ban! Irish Blues's Avatar
    Join Date
    Mar 2005
    Location
    WI
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    1,301
    Simple version:

    Reserving - look at loss trends to try to figure out what losses for the current year and all years prior will develop to at ultimate based on how losses have developed in past years; from there, set aside enough money to pay for the amount of those losses that has not been paid yet. May also include an analysis of claims to set loss amounts if claims have developed upward or downward significantly.

    Pricing - given the data available about the applicant (past loss history, location, and so on) set a price for insurance that is an adequate to cover expected losses.

    Would I see it as exciting? Probably not - but I'm also one of those people who likes to make predictions given a set of data when it's clear that all of the data necessary to make an accurate prediction isn't available.

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