Bouska

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Author:
Esaie
ID:
34008
Filename:
Bouska
Updated:
2010-09-11 08:57:39
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Exam6 by Esaie
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Exam6 by Esaie Bouska
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  1. PEBLE
    • Policiy-event based loss estimation: estimates losses by comparing event outcomes directly to the applicable individual policy terms in order to estimate the potential loss to the policy
    • Consists of 2 elements: loss event that might give rise to an ins clm; application of the terms of an individual policy to that loss event to estimate loss
    • Mostly used for natural disasters, toxic tort models, auto warranty
  2. PEBLE pictural representation
    • ................Pol Terms -------------------------------\
    • Pol data < ...............................................................Insured
    • ................Exposures attributes \...............................Cost
    • ................................................ Exp spec losses ---/
    • Loss event ---------------------/
  3. Issues in using PEBLEs
    • External processes and data (require massaging)
    • Black box: does not have "hands on" nature of triangle
    • Validation and usability
    • Parametrization (possible to over-parametrize)
    • Cost/Benefits
    • Updates
  4. Advantages of PEBLEs
    • Clarity
    • Better understanding of loss process
    • Documentation of overall changes
    • Scenario testing
    • Understanding variation

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