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In accounting, a financial condition report (FCR) is a report on the solvency condition of an insurance company that takes into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios. [1]
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.
The chain-ladder or development [1] method is a prominent [2] [3] actuarial loss reserving technique. The chain-ladder method is used in both the property and casualty [1] [4] and health insurance [5] fields. Its intent is to estimate incurred but not reported claims and project ultimate loss amounts. [5]
Actuarial loss reserving methods including the chain-ladder method, Bornhuetter–Ferguson method, expected claims technique, and others are used to estimate IBNR and, hence, ultimate losses. Since the implementation of Solvency II , stochastic claims reserving methods have become more common.
Actuarial credibility describes an approach used by actuaries to improve statistical estimates. Although the approach can be formulated in either a frequentist or Bayesian statistical setting, the latter is often preferred because of the ease of recognizing more than one source of randomness through both "sampling" and "prior" information.
The latest actuarial valuation on June 30, 2011, determined that LACERA had a funded ratio of actuarial assets to the actuarial accrued liability of 80.6%. [5] For fiscal year (FY) 2011–12, LACERA's fiscal-year-to-date return on investments was 0.10%; the FY 2010-11 return was 20.40%. [14]
The following outline is provided as an overview of and topical guide to actuarial science: Actuarial science – discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.
Catastrophe modeling [1] (also known as cat modeling) is the process of using computer-assisted calculations to estimate the losses that could be sustained due to a catastrophic event such as a hurricane or earthquake.