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summary

Display summary report for different claims estimates

Description

example

unpaidClaimsEstimateTable = summary(ec) displays the summary report for the latest diagonal of both reported and paid development triangles, projected ultimate claims, cases outstanding, IBNR claims, and total unpaid claims estimates.

Examples

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Generate the summary report for different claims estimates for an expectedClaims object containing simulated insurance claims data.

load InsuranceClaimsData.mat;
head(data)
ans=8×4 table
    OriginYear    DevelopmentYear    ReportedClaims    PaidClaims
    __________    _______________    ______________    __________

       2010             12               3995.7          1893.9  
       2010             24                 4635          3371.2  
       2010             36               4866.8          4079.1  
       2010             48               4964.1            4487  
       2010             60               5013.7          4711.4  
       2010             72               5038.8          4805.6  
       2010             84                 5059          4853.7  
       2010             96               5074.1          4877.9  

Use developmentTriangle to convert the data to a development triangle, which is the standard form for representing claims data. Create two developmentTriangle objects, one for reported claims and one for paid claims.

dT_reported = developmentTriangle(data,'Origin','OriginYear','Development','DevelopmentYear','Claims','ReportedClaims')
dT_reported = 
  developmentTriangle with properties:

                          Origin: {10x1 cell}
                     Development: {10x1 cell}
                          Claims: [10x10 double]
                  LatestDiagonal: [10x1 double]
                     Description: ""
                      TailFactor: 1
    CumulativeDevelopmentFactors: [1x10 double]
               SelectedLinkRatio: [1x9 double]

dT_paid = developmentTriangle(data,'Origin','OriginYear','Development','DevelopmentYear','Claims','PaidClaims')
dT_paid = 
  developmentTriangle with properties:

                          Origin: {10x1 cell}
                     Development: {10x1 cell}
                          Claims: [10x10 double]
                  LatestDiagonal: [10x1 double]
                     Description: ""
                      TailFactor: 1
    CumulativeDevelopmentFactors: [1x10 double]
               SelectedLinkRatio: [1x9 double]

Create an expectedClaims object where the first input argument is the reported development triangle and the second input argument is the paid development triangle.

earnedPremium = [17000; 18000; 10000; 19000; 16000; 10000; 11000; 10000; 14000; 10000];
ec = expectedClaims(dT_reported, dT_paid,earnedPremium)
ec = 
  expectedClaims with properties:

         ReportedTriangle: [1x1 developmentTriangle]
             PaidTriangle: [1x1 developmentTriangle]
            EarnedPremium: [10x1 double]
            InitialClaims: [10x1 double]
          CaseOutstanding: [10x1 double]
    EstimatedClaimsRatios: [10x1 double]
     SelectedClaimsRatios: [10x1 double]

Use summary to display the report for the latest diagonal of both reported and paid development triangles, projected ultimate claims, cases outstanding, IBNR claims, and total unpaid claims estimates.

unpaidClaimsEstimateTable = summary(ec)
unpaidClaimsEstimateTable=11×6 table
             Reported Claims    Paid Claims    Ultimate Claims    Case Outstanding     IBNR      Total Unpaid Claim Estimate
             _______________    ___________    _______________    ________________    _______    ___________________________

    2010         5089.4           4892.6             4991              196.79         -98.395              98.395           
    2011         5179.9           5134.4           5162.3               45.46         -17.574              27.886           
    2012         5625.4           5512.3           5585.6              113.15         -39.856              73.294           
    2013         5803.7           5728.9           5806.7               74.83          2.9912              77.821           
    2014         5878.7           5759.1             5899              119.58          20.351              139.93           
    2015         5772.8           5763.6           5921.1                 9.2          148.29              157.49           
    2016         5714.3           5472.4           5889.5              241.88          175.26              417.14           
    2017         5854.4           5171.2           6128.9              683.23          274.42              957.65           
    2018         5495.1           4386.1           6137.4                1109          642.25              1751.3           
    2019         4945.9           2764.8           6603.4              2181.1          1657.5              3838.6           
    Total         55360            50585            58125              4774.2          2765.3              7539.5           

Input Arguments

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Expected claims, specified as a previously created expectedClaims object.

Data Types: object

Output Arguments

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Displays different claims estimates using the expected claims technique, returned as a table.

Introduced in R2020b