Estimating Liabilities for Losses and Loss Expenses

Introduction to the process of estimating liabilities for loss and loss adjustment expenses. A background to loss reserving is provided, including a description of its purpose, structure, nomenclature, and principles. An outline of the process undertaken by a loss reserve analysis is also provided. KEY WORDS: Chain Ladder Methods, Catastrophes, Reserving, Discount Reserving, General Reserving, Salvage and Subrogation, Regulation, Data, Bornhuetter-Ferguson, Deductibles, Accounting, Reinsurance.