Actuarial projects/consulting engagements do not always end with the issuance of the final report. Actuaries, and the clients who engage them, spend a significant amount of time and energy explaining the actuarial methodologies and calculations contained in an actuarial report such as an actuarial reserve analysis. A company may have to spend significant time facilitating […]
Happy New Year! This is the first blog of 2012 and it is short and sweet. This blog is to announce a new tool we have in our portal at www.SIGMAactuary.com/resources called the LDF Interpolator. While at first glance the title of this blog might suggest a science fiction movie or some new Star Trek […]
In the SIGMA Tech Talk titled “Understanding Loss Development Factors,” we introduced IBNR losses as those losses which occur during a loss period but are not reported until a later date. The definition of IBNR also typically includes development of known claims. In this article, we look further at the significance and calculation of IBNR […]
I wear a lot of hats here at SIGMA and the one that I enjoy the most is the role of teacher and communicator. I am always looking for an opportunity to support our agents/brokers with communication and educational materials. When I hear about a concept that is difficult for our clients to grasp, I […]
SIGMA Actuarial Consulting Group, Inc. invites insurance brokers, risk management consultants, and risk management staff of self-funded concerns to participate in our 2011 collateral survey. The survey takes about 5 minutes to complete and will be available through November. Afterwards the results will be shared with our survey participants. As an added bonus, participants can […]
Whether you are a broker, CFO, or risk manager, you have probably heard the terms loss development triangle, loss development factor, and IBNR (incurred but not reported losses). These are often included in the first analytical step of an actuarial analysis. Yet a survey of insurance professionals would likely result in a long list of […]
An underwriter once emailed me declaring that the IB and R load was too high on a particular account. I never had the heart to ask him what the letters I, B, or R signified in that statement, but obviously that must be what IBNR sounds like when pronounced too fast or with an accent. […]
The narrative support to an actuarial report or analysis normally contains a summary of loss development and loss development factors similar to this: The ultimate cost of claims reported in a specific time period is usually not known until several years after the close of that period. Therefore, loss development factors are used to project […]
Welcome to SIGMA Actuarial Consulting Group, Inc.’s new RiskManagementBlog. After several years of publishing an award winning blog with our former sister company, Specific Software Solutions, LLC (acquired by Zywave in 2010) SIGMA has now launched its own blog. Please be sure to register for future blog notifications by visiting www.SIGMAactuary.com/register. The results of our […]