Loss Reserving in Property and Casualty
In property and casualty insurance, the provisions for payment obligations from losses that have occurred but have not yet been settled usually constitute the largest item on the liabilities side of a property and casualty insurer’s balance sheet. For this reason, the determination and evaluation of these technical provisions, which are also called loss reserves, is of considerable economic importance for every property and casualty insurer. Therefore, the application of actuarial methods of loss reserving is indispensable.
Under Solvency II the reserving risk becomes one of the mayor driver for solvency capital requirement in property and casualty insurance and therefore an adequate assessment of loss reserves and the underlying risk is a crucial issue not only under risk management aspects but also under a supervisory point of view.
This seminar on loss reserving will start with the basic aspects of actuarial loss reserving. Besides a broad introduction to traditional methods, it also deals with more recent ones and a discussion of certain problems occurring in actuarial practice, like inflation, scarce data, large claims, slow loss development, the use of market statistics, the need for simulation techniques, and last but not least, the task of calculating best estimates and ranges of future losses.
The seminar is based on the book “Handbook on Loss Reserving” which has been published in the EAA Series of Springer and edited by lecturers of this seminar.
Organised by the EAA - European Actuarial Academy GmbH in cooperation with the Society of Actuaries in Ireland.
Every participant will receive a free copy of the “Handbook on Loss Reserving” on-site (value of 101.64 €).
This seminar is developed for non-life actuaries in property and casualty insurance but also for other persons working in the area of reserving i.e. as controllers, supervisors or auditors. A basic knowledge of non-life reserving techniques is necessary.
In advance of the seminar, participants are encouraged to address actual problems and send cases based on concrete practical questions, which can be dealt with in the course. A deadline for this part is at least six weeks before the seminar takes place.
Attendees are encouraged to bring a laptop computer with Microsoft Excel installed.