MLchartDataset catalogue

Loss development

Term · Insurance and risk management · MLC-T-INS-002068

The change in the estimated ultimate value of incurred losses over time, as more information becomes available regarding reported claims. Initial loss estimates are often based on limited data, and as claims mature, are settled, or new information emerges, these estimates are adjusted. Actuaries analyze historical loss development patterns to project future ultimate losses.

Table 1. Record
IdentifierMLC-T-INS-002068
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-002068",
  "term": "Loss development",
  "field": "Insurance and risk management",
  "definition": "The change in the estimated ultimate value of incurred losses over time, as more information becomes available regarding reported claims. Initial loss estimates are often based on limited data, and as claims mature, are settled, or new information emerges, these estimates are adjusted. Actuaries analyze historical loss development patterns to project future ultimate losses.",
  "url": "https://mlchart.com/terminology/insurance/loss-development/"
}

Record 2,002 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.