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2024 | OriginalPaper | Chapter

Comparison Between the Chain Ladder Method and the Bornhuetter-Ferguson Method for Third Party Liability Insurance

Authors : Elitsa Raeva, Velizar Pavlov, Hedie Redzheb

Published in: New Trends in the Applications of Differential Equations in Sciences

Publisher: Springer Nature Switzerland

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Abstract

The Chain-ladder method (CLM) and the Bornhuter-Ferguson method (BF method) are the most widely used methods from the insurance companies for calculating the claims reserves for covering claims that have been incurred but not reported (IBNR). The purpose of this paper is to estimate the required “pending payment” reserves using the both methods and to make comparisons between the results obtained. Some numerical experiments have been presented.

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previous chapter Several Exact Solutions of the Fractional Predator—Prey Model via the Simple Equations Method (SEsM)
next chapter Iterative Calibration of Implied Volatility for European Options: A Computational Approach
Literature
1.
Pavlov, V., V. Mihova. An Application of Survival Model in Insurance. In: AIP CONFERENCE PROCEEDINGS 2018, vol. 2025, pp. 030005–1–12, AIP Publishing LLC (2018).
2.
Brayanov, I., Risk analysis, University of Ruse “Angel Kanchev”, 2016
3.
Raeva, E., V. Pavlov. Comparison of the Growth between the Number and the Payments of IBNR Claims with Chain Ladder Method.// New Trends in the Applications of Differential Equations in Sciences, SPRINGER, 2023, No , pp. 329–341, ISBN 978–3–031–21484–4, ISSN 2194–1017, (2023)
4.
Raeva E., V. Pavlov, S. Georgieva, Claim Reserving Estimation by Using the Chain Ladder Method, AIP Conference Proceedings, 2321, 030029, (2021).
5.
Raeva E., V. Pavlov, Planning Outstanding Reserves in General Insurance, AIP
6.
Conference Proceedings 1895 (1), 050009, (2017).
7.
Schmidt, K.D., Zocher, M. Bornhuetter–Ferguson Principle, (2016)
8.
Metadata
Title
Comparison Between the Chain Ladder Method and the Bornhuetter-Ferguson Method for Third Party Liability Insurance
Authors
Elitsa Raeva
Velizar Pavlov
Hedie Redzheb
Copyright Year
2024
Book
New Trends in the Applications of Differential Equations in Sciences

Print ISBN: 978-3-031-53211-5

Electronic ISBN: 978-3-031-53212-2

Copyright Year: 2024

DOI
https://doi.org/10.1007/978-3-031-53212-2_26

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