summary

Display summary report for Bornhuetter-Ferguson analysis

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Syntax

unpaidClaimsEstimateTable = summary(bf)

Description

unpaidClaimsEstimateTable = summary(bf) displays a summary report of different claims estimates using the Bornhuetter-Ferguson technique. The report displays the latest diagonal of both reported and paid development triangles, projected ultimate claims, cases outstanding, IBNR claims, and total unpaid claims estimates.

example

Examples

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Open Live Script

Generate a summary report for a bornhuetterFerguson object containing simulated insurance claims data. 

load InsuranceClaimsData.mat;
head(data)
    OriginYear    DevelopmentYear    ReportedClaims    PaidClaims
    __________    _______________    ______________    __________

       2010             12               3995.7          1893.9  
       2010             24                 4635          3371.2  
       2010             36               4866.8          4079.1  
       2010             48               4964.1            4487  
       2010             60               5013.7          4711.4  
       2010             72               5038.8          4805.6  
       2010             84                 5059          4853.7  
       2010             96               5074.1          4877.9

Use developmentTriangle to convert the data to a development triangle, which is the standard form for representing claims data. Create two developmentTriangle objects, one for reported claims and one for paid claims.

dT_reported = developmentTriangle(data,'Origin','OriginYear','Development','DevelopmentYear','Claims','ReportedClaims')
dT_reported = 
  developmentTriangle with properties:

                          Origin: {10×1 cell}
                     Development: {10×1 cell}
                          Claims: [10×10 double]
                  LatestDiagonal: [10×1 double]
                     Description: ""
                      TailFactor: 1
    CumulativeDevelopmentFactors: [1.3069 1.1107 1.0516 1.0261 1.0152 1.0098 1.0060 1.0030 1.0010 1]
               SelectedLinkRatio: [1.1767 1.0563 1.0249 1.0107 1.0054 1.0038 1.0030 1.0020 1.0010]


dT_paid = developmentTriangle(data,'Origin','OriginYear','Development','DevelopmentYear','Claims','PaidClaims')
dT_paid = 
  developmentTriangle with properties:

                          Origin: {10×1 cell}
                     Development: {10×1 cell}
                          Claims: [10×10 double]
                  LatestDiagonal: [10×1 double]
                     Description: ""
                      TailFactor: 1
    CumulativeDevelopmentFactors: [2.4388 1.4070 1.1799 1.0810 1.0378 1.0178 1.0080 1.0030 1.0010 1]
               SelectedLinkRatio: [1.7333 1.1925 1.0914 1.0417 1.0196 1.0097 1.0050 1.0020 1.0010]

Create an expectedClaims object where the first input argument is the reported development triangle and the second input argument is the paid development triangle. 

earnedPremium = [17000; 18000; 10000; 19000; 16000; 10000; 11000; 10000; 14000; 10000];
ec = expectedClaims(dT_reported, dT_paid,earnedPremium)
ec = 
  expectedClaims with properties:

         ReportedTriangle: [1×1 developmentTriangle]
             PaidTriangle: [1×1 developmentTriangle]
            EarnedPremium: [10×1 double]
            InitialClaims: [10×1 double]
          CaseOutstanding: [10×1 double]
    EstimatedClaimsRatios: [10×1 double]
     SelectedClaimsRatios: [10×1 double]

Create a bornhuetterFerguson object with reported claims, paid claims, and expected claims to calculate ultimate claims, cases outstanding, IBNR claims, and unpaid claims estimates.

bf = bornhuetterFerguson(dT_reported, dT_paid, ec.ultimateClaims)
bf = 
  bornhuetterFerguson with properties:

     ReportedTriangle: [1×1 developmentTriangle]
         PaidTriangle: [1×1 developmentTriangle]
       ExpectedClaims: [10×1 double]
    PercentUnreported: [10×1 double]
        PercentUnpaid: [10×1 double]
      CaseOutstanding: [10×1 double]

Use summary to display the latest diagonal of both reported and paid development triangles, projected ultimate claims, cases outstanding, IBNR claims, and total unpaid claims estimates for a bornhuetterFerguson object.

unpaidClaimsEstimateTable = summary(bf)
unpaidClaimsEstimateTable=11×9 table
             Reported Claims    Paid Claims    Projected Ultimate Reported Claims    Projected Ultimate Paid Claims    Case Outstanding    IBNR with Reported Claims    IBNR with Paid Claims    Total with Reported Claims    Total with Paid Claims
             _______________    ___________    __________________________________    ______________________________    ________________    _________________________    _____________________    __________________________    ______________________

    2010         5089.4           4892.6                     5089.4                              4892.6                     196.79                       0                     -196.79                     196.79                           0        
    2011         5179.9           5134.4                     5185.1                              5139.6                      45.46                  5.1629                     -40.311                     50.623                       5.149        
    2012         5625.4           5512.3                     5642.1                                5529                     113.15                   16.72                     -96.432                     129.87                      16.718        
    2013         5803.7           5728.9                     5838.4                                5775                      74.83                  34.696                      -28.65                     109.53                       46.18        
    2014         5878.7           5759.1                     5935.8                              5862.5                     119.58                  57.155                     -16.162                     176.74                      103.42        
    2015         5772.8           5763.6                     5861.7                              5979.3                        9.2                  88.864                      206.43                     98.064                      215.63        
    2016         5714.3           5472.4                     5863.9                              5913.9                     241.88                  149.62                      199.61                      391.5                      441.49        
    2017         5854.4           5171.2                       6155                              6105.6                     683.23                  300.57                      251.12                      983.8                      934.35        
    2018         5495.1           4386.1                     6106.9                              6161.4                       1109                   611.8                       666.3                     1720.8                      1775.3        
    2019         4945.9           2764.8                     6496.8                              6660.6                     2181.1                  1550.9                      1714.7                       3732                      3895.8        
    Total         55360            50585                      58175                               58019                     4774.2                  2815.4                      2659.8                     7589.7                        7434

Input Arguments

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Bornhuetter-Ferguson object, specified as a previously created bornhuetterFerguson object.

Data Types: object

Output Arguments

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Report of claims estimates obtained using the Bornhuetter-Ferguson technique, returned as a table.

Version History

Introduced in R2020b

See Also

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