Looking Beyond the Numbers

Making accurate estimates of reserve liabilities depends on a clear understanding of the company’s claims settlement environment, the characteristics of the business written, and current and future trends that affect the severity of loss payments. It is important to have a formal mechanism to gather this type of qualitative data to supplement the quantitative data used in analyzing reserves. This panel will discuss the types of qualitative data important for loss reserving analysis, and a systematic approach for obtaining the necessary information and how it can be used.