CAS Exam 5 Spring 2015, Question 15
Study guide: Exam 5
The following table shows all claims transactions for an insurance company through December 31, 2014.
| Claim ID | Accident Date | Report Date | Transaction Date | Incremental Payment | Ending Case Reserves |
|---|---|---|---|---|---|
| 1 | January 1, 2011 | January 1, 2011 | January 31, 2011 | 100 | 100 |
| 1 | March 2, 2011 | 100 | 50 | ||
| 1 | April 1, 2011 | 25 | 0 | ||
| 2 | June 30, 2011 | March 15, 2012 | June 30, 2012 | 0 | 10,000 |
| 2 | May 25, 2013 | 250 | 10,000 | ||
| 2 | June 30, 2014 | 15,000 | 1,000 | ||
| 2 | September 12, 2014 | 200 | 0 | ||
| 3 | February 25, 2012 | March 15, 2012 | March 15, 2012 | 0 | 0 |
| 3 | January 15, 2013 | 0 | 1,000 | ||
| 3 | July 15, 2013 | 2,500 | 0 |
- All three claims are closed as of December 31, 2014.
Part a (0.75 points)
Construct the cumulative reported claims triangle on an accident year basis.
Part b (0.75 points)
Construct the cumulative reported claims triangle on a report year basis.
Answer this question and see the worked solution