One Year Dev vs Two Year Dev

kiykim96kiykim96
in NAIC.IRIS

Hi,

For some reason, I get confused about this and wanted to double check with you.

The One Year Development is the change in the ultimate loss for AYs excluding current AY or does it include all?

The Two Year Development is the change in the ultimate loss between current year ultimate and CY-2 ultimate?

If we were to use Sch P to calculate these two, how would I do it?

Thanks

Comments

  • Staff - ACStaff - AC

    One-year excludes current AY.

    Two year excludes current and one-prior AYs.

    For one-year, you subtract column 9 from column 10 of Part 2.

    For two-year, you subtract column 8 from column 10.

  • WolverineWolverine

    I think it would be great to have a "hard version" for the numeric flashcard for Iris 11-13 to have you pull the numbers from Sched P, as I also found this calculation to be a challenge

  • grahamgraham

    I'll look into it. Thanks.

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