Question: QUESTION FOUR Below is the data for incurred claims data, by years of accident and reporting development. Cummulative Incurred Data DEVELOPMENT YEAR 0 2 3

QUESTION FOUR Below is the data for incurred

QUESTION FOUR Below is the data for incurred claims data, by years of accident and reporting development. Cummulative Incurred Data DEVELOPMENT YEAR 0 2 3 4 Ult Accident1 2777 3264 3452 3594 3717 3717 Years 2 3252 3804 3977 4765 3 4765 4987 5079 4 5643 5976 5 5998 Number of reported Claims 4 486 Ult 486 Accident 1 Years 2 3 4 0 221 345 366 503 588 DEVELOPMENT YEAR 2 3 245 356 386 374 390 543 432 486 587 1. Usinig the average cost per claim method based on the grossing up method, calculate the projected ultimate claims and number for each accident year. 2. Using the average cost per claims method based on the development factors find the outstanding claims reserves at the end of year 5 development year 4

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