Latent Claims: A Problem for Another Day

Catrin Townsend ()

Chapter Chapter 16 in A Risky Business, 2022, pp 325-344 from Springer

Abstract: Abstract For all of the modeling, estimating, predicting, and quantifying that is part and parcel of actuarial work, actuaries don’t know the future. In Chapter 3 when we considered ‘What could possibly go wrong?’, we were mainly thinking of things that are likely to go wrong. Sometimes, something way outside of our expectations occurs, many years after the policy began. These latent claims are part of the job, but they aren’t expected. In fact, one definition of latent claims is that they are claims arising from a risk not specifically considered when the policy was written.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-11673-5_16

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DOI: 10.1007/978-3-031-11673-5_16

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