Introduction To Ratemaking And Loss Reserving For Property And Casualty Insurance [2021] -

Actuaries use "Losses" and "Exposure Bases" (units of exposure, like car-years or payroll).

The provides model laws and a financial reporting framework (the Annual Statement , including the infamous Schedule P for loss reserves). Actuaries use "Losses" and "Exposure Bases" (units of

| Accident Year | 12 Months | 24 Months | 36 Months | Ultimate (Estimated) | | :--- | :--- | :--- | :--- | :--- | | 2023 | $5.0 | $7.5 | $8.2 | $8.5 | | 2024 | $4.5 | $6.8 | ? | $7.9 (projected) | Actuaries use "Losses" and "Exposure Bases" (units of