Data Issues in Loss Reserving

Loss reserving techniques generally have the implied assumption that perfect data exists. In practice, this assumption is rarely accurate. This session addresses the identification of problems and possible adjustments from both a company actuary’s and a consultant’s viewpoints. The varied roles and responsibilities of the actuary and the auditor will also be explored. Discussion of actuarial examples, including problems and solutions, is expected. It is also expected that the new standard on data quality will be approved by the ASB prior to September. The implications of this new standard on loss reserving will also be discussed.