What is a loss in insurance?

Loss — (1) The basis of a claim for damages under the terms of a policy. (2) Loss of assets resulting from a pure risk. Broadly categorized, the types of losses of concern to risk managers include personnel loss, property loss, time element loss, and legal liability loss.

What is an insurance triangle?

An insurance claims triangle is a way of reporting claims as they developer over a period of time. It is quite typical that claims get registered in a particular year and the payments are paid out over several years.

What is an actuarial triangle?

A loss triangle is the primary method in which actuaries organize claim data that will be used in an actuarial analysis. The reason it is called a loss triangle is that a typical submission of claim data from a client company shows numeric values forming a triangle when viewed.

How does a loss triangle work?

Loss Triangle — a table of loss experience showing total losses for a certain period at various, regular valuation dates, reflecting the change in amounts as claims mature. Older periods in the table will have one more entry than the next youngest period, leading to the triangle shape of the data in the table.

What is a claim lag triangle?

▪ A claims lag report, can also be called a “Triangle Report” ▪ When viewing month by month, the claims incurred vs claims paid create a. triangle shape of data. This illustrates how quickly a claim will be paid after it is. incurred.

What is a data triangle?

Data Triangles offer solutions for fully managed data labeling, data annotations, data collection & data analysis. We strive to solve critical challenges faced by Enterprises and AI companies to make their data usable for AI Applications.