Internationally, Health care (HC) falls under the General Insurance umbrella along with the Property-Casualty (PC) lines. Anyone who has studied reserving in both HC and PC will understand why —concepts and techniques are very similar except that in health care we use 24 to 36 months of data vs.. the 24 to 36 years used in long tail lines like Workers Compensation. As such, PC actuaries have historically put much more effort into reserving and the development of reserving techniques than we have in HC. Learn how these techniques can add value to HC reserves by improving accuracy and/or providing additional insights into the business.
By attending this session, you will:
Understand basics of standard Property Casualty reserving techniques such as Frequency/Severity Method, Bornhuetter-Ferguson Method and catastrophe loading.
Take away some ideas on where these techniques can add value in your own reserve estimates.
Be introduced to stochastic reserving concepts.