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 […]