Month of Loss Deficiency Reserves for Automobile Bodily Injury Losses Including Reserves for Incurred But Not Reported Claims [Discussion]

As a given interval of time moves off into the past, the accidents happening in that time become reported to the insurance company, are estimated as to cost, re-estimated if necessary, and are eventually settled, or closed without payment. In the process, the aggregate incurred loss to the company from those accidents firms up into the ultimate figure. Mr. Tapley's thesis is that this comes about according to a development pattern, primarily dependent on the company's claim practices, that can be studied and relied on for estimating final incurred cost for other later periods of time whose losses have not yet matured.