This issue is driven by changes in risks such as interest rates and inflation, evolving legislation, advancements in vehicle technology, and modifications in claims handling processes. These developments have pushed ultimate losses upwards, but the question remains whether current estimates are accurate. Given the interdependence of insurers’ processes, both under- and overestimation of ultimate losses is known to cause knock-on issues with, for example, pricing processes. As such, accurately estimating ultimate losses for BI claims is crucial.
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