MLchartDataset catalogue

Severity

Term · Insurance and risk management · MLC-T-INS-003734

The financial magnitude of a loss event, representing the cost incurred when a risk materializes. It quantifies the impact of an individual claim or a series of claims, distinct from the frequency of such events. Actuaries analyze severity data to estimate future claim costs and set appropriate premium rates.

Table 1. Record
IdentifierMLC-T-INS-003734
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-003734",
  "term": "Severity",
  "field": "Insurance and risk management",
  "definition": "The financial magnitude of a loss event, representing the cost incurred when a risk materializes. It quantifies the impact of an individual claim or a series of claims, distinct from the frequency of such events. Actuaries analyze severity data to estimate future claim costs and set appropriate premium rates.",
  "url": "https://mlchart.com/terminology/insurance/severity/"
}

Record 3,123 of 3,708 in Insurance and risk management terminology (MLC-0106). Request the full dataset.