General Liability Ratemaking: An Update [Discussion]

According to the author, the purpose of this paper is "to present a summary of the adjustments that have been made in the basic limits ratemaking methodology [in the fourteen years since Jeffrey T. Lange wrote "General Liability Insurance Ratemaking"] and the reasons for their introduction." The author has accomplished this stated purpose. All significant changes are discussed; some further changes that have occurred since the paper was written will be mentioned later in this review. Generally, each of these changes is well-documented with respect to both the new methodology that is used and the reasons for adopting the new methodology.