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August 29th, 2016, 11:11 AM
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Irda ibnr
Can you provide me the Table of Content of the Manual for Estimation of Provision for IBNR claims in General Insurance Business as offered by IRDA (Insurance Regulatory and Development Authority)? The Table of Content of the Manual for Estimation of Provision for IBNR and IBNER claims in General Insurance Business as offered by IRDA (Insurance Regulatory and Development Authority) are as follows: Table of Contents 1. Nature of general insurance business 2. Claims incidence and settlement process 3. Impact of various factors on claims experience 4. Tail factor in claims processing to settlement 5. Impact of management practices on claims development 6. Concept of IBNR and IBNER and factors influencing them 7. Compilation of data to enable estimation of provision for IBNR and IBNER claims 8. Working with incomplete data: i. Data for earlier years not being available; ii. All required particulars not being available; iii. Data covering 100% of the business not being available; or iv. A new portfolio. 9. Methods of estimation of provision for IBNR claims i. Link ratio or Chain-ladder method and B-F modification to the method ii. Ultimate claims ratio method iii. Craighead curve fitting method iv. Projection of number of claims and claims cost method v. Modifications in case of data availability for only a short period 10. IRDA Guidelines on estimation of provision for IBNR claims i. Examination and validation of data in Form A ii. Examination of data in Form B1 and inferences there from iii. Projection based on data in Form B1 iv. Projection of data in Form B2 v. Purpose and examination of the report of the Appointed Actuary vi. Selection of the method best suited in the circumstances 11. Validation of the results of the estimation exercise. Credibility tests on the results and modifications to the results 12. Estimation of provision for IBNR claims in respect of reinsurance business: i. Nature of reinsurance business ii. Types of reinsurance and claims developments features of each type iii. Triangulation of reinsurance premiums and claims iv. Estimation process for each type of reinsurance v. Validation of results Last edited by Neelurk; May 16th, 2020 at 09:34 AM. |
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