Insurance Services Office has developed a loss-reserving tool that enables insurers to set loss reserves more accurately. Loss reserves are provisions insurers make to pay claims that have not been settled or fully paid.
Insurers can use the results from the tool to benchmark reserves against ISO direct data and provide ranges around their own reserves. The tool also is informative for insurers who have begun writing or are considering entering new business segments.
The reports provide an analytical tool for insurers to estimate the reserves they will need to pay future claims and to determine the ultimate amount and timing of losses for new business segments.
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