MLchartDataset catalogue

Development factor

Term · Insurance and risk management · MLC-T-INS-001152

A multiplier applied to the current valuation of incurred insurance claims to project their ultimate cost at settlement. This actuarial figure accounts for incurred but not reported (IBNR) claims and the future growth of known claims as they mature. Development factors are calculated from historical claims data, organized in a loss development triangle, and are specific to a line of business and accident year.

Table 1. Record
IdentifierMLC-T-INS-001152
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-001152",
  "term": "Development factor",
  "field": "Insurance and risk management",
  "definition": "A multiplier applied to the current valuation of incurred insurance claims to project their ultimate cost at settlement. This actuarial figure accounts for incurred but not reported (IBNR) claims and the future growth of known claims as they mature. Development factors are calculated from historical claims data, organized in a loss development triangle, and are specific to a line of business and accident year.",
  "url": "https://mlchart.com/terminology/insurance/development-factor/"
}

Record 984 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.