Actuaries should use a sophisticated technical method for loss reserving to cope with factors such as a deluge of claims on one accident date, an expert advised at an industry conference.
Joseph A. Boor, an actuary for the Florida Office of Insurance Regulation, gave that counsel at the annual Casualty Loss Reserve Seminar co-sponsored by the Casualty Actuarial Society and American Academy of Actuaries.
According to Mr. Boor, the hurricane loss experience in Florida and along the Gulf Coast since 2004 distorts the accident year pattern and has presented actuaries with unique, but for the most part solvable, loss reserving challenges.
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