Some Extensions of J.N. Stanard's Simulation Model for Loss Reserving

The loss process model and simulation procedures proposed by James M. Stanard in 1985 are extended in numerous ways, including provision for serial autocorrelation of parameters, mixtures of claim types, conditional selection of sample points, and a much greater variety of reserving methods. The extended model is used to explore many questions arising in practical loss reserving and to assist the loss reserver in choosing the best estimator for particular data conditions.