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Correct estimation of the Outstanding Claims Reserve, an item that includes Incurred But Not Reported Claims (IBNR) as well as Incurred But Not Enough Reserved Claims (IBNER), is one of the most important issues currently facing actuarial science, due to its effect on the technical and financial stability of insurance companies.
In this context, it is possible to approach the problem from a new perspective by calculating an Outstanding Claims Reserve using the above-mentioned link ratios.
Once this matrix has been calculated, the amount of the outstanding claims reserve to be used follows immediately, given that R = [[summation].
While claims development from the 2011 Thailand flood losses stabilized in 2013, outstanding claims reserves are expected to remain at a high level over the short to medium term.
Best believes the Group s outstanding claims reserves level is adequate.
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