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Evaluation

Ratemaking

Level 2: General knowledge of the subject (6-9 Years)

C:PC:L3

C:RM:L3

S:CT:L1

T:AN:L1

T:CO:L2

T:CR:L3

T:IA:L2

CS-21 - Is That Credible?

Wednesday, November 8, 2023
8:00 AM – 9:00 AM PST
Location: California Ballroom (2nd Floor)
Livestreamed Not Recorded
1082 is a recognizable number to most actuaries as the number of claims needed for a data set to be considered fully credible. But is your data less credible because you have fewer claims? If your data represents a risk that is safer than the current standard, can you show that lack of claims is also credible or drives greater signal that a different set of data?

Thinking about claims is just one way to establish a credible data set, but we also need to evaluate the underlying exposure (either large or small) that's the basis for the claims. Our panel will discuss alternative ways for assigning credibility to a data set, as well as additional considerations and limitations with the alternatives. We will also explore the compliment of credibility as assigning credibility to your data set is only part of the problem for new and emerging risks.

Learning Objectives:

  • Consider alternative approaches for setting credibilty.
  • Identify areas of concern with the selected compliment of credibility.
  • Understand the issues in selecting the criteria for credibility.
  • Consider alternative approaches for setting credibilty.