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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.
Generally considered a blend of the chain-ladder and expected claims loss reserving methods, [2] [8] [10] the Bornhuetter–Ferguson method uses both reported or paid losses as well as an a priori expected loss ratio to arrive at an ultimate loss estimate.
Another method is frequency-severity approach, used mainly when data is sparse. The chain-ladder method, also known as the development method, assumes that past experience is an indicator of future experience. Loss development patterns in the past are used to estimate how claim amounts will increase (or decrease) in the future.
Loss development factors are used in all triangular methods of loss reserving, [7] such as the chain-ladder method. See also. Incurred but not reported.
A (a,b,0) class of distributions; Actuarial control cycle; Actuarial credentialing and exams; Actuarial notation; Actuarial present value; Actuarial reserves
Frederick S. Holmes was an American safe and vault engineer, [1] and inventor who designed the largest vaults in the world. During his career, Holmes designed over 200 vaults throughout the United States, Canada and Japan from 1895 [2] to 1941.
A mnemonic link system, sometimes also known as a chain method, is a method of remembering lists that is based on creating an association between the elements of that list. For example, when memorizing the list (dog, envelope, thirteen, yarn, window), one could create a story about a "dog stuck in an envelope, mailed to an unlucky thirteen ...