Data Issues in Loss Reserving

Loss reserving techniques generally have the implied assumption that perfect data exists. In practice, this assumption is rarely the case. This seminar will explore data issues in terms of identification of problems and possible adjustments, external audit procedures and responsibilities of both the actuary and the auditor. Actual examples of problems and solutions will be discussed. Efforts of the AICPA Auditing Insurance Entities Loss Reserves Task Force of the Insurance Companies Committee and the Actuarial Standards Board Data Quality Task Force will also be reviewed.