8a. Small Potatoes (SP), is a microchip company. On average, 55 percent of SPs product liability claims for a calendar year are reported during the calendar year. For 2019, 28 product liability claims were reported during the policy year. How many product liability claims (ultimately) should SP expect for 2017? (1 point)

b. SPs loss development factors for product liability and general liability are provided below:

Months after End of

Calendar Year: 12 18 24 30 36

Product Liability 4.1 3.5 2.6 1.4 1.1

General Liability 3.2 2.1 1.7 1.2 1.0

1. Three and a half years after the end of the calendar year, general liability claims to-date were $2.2 million. What are the ultimate general liability claims that SP should expect for this calendar year? (one point)

2. Eighteen months after the end of a calendar year, product liability claims to-date were $1.6 million. What are the ultimate product liability claims should that SP should expect for this year? (one point)