Reported But Not Reported (RBNR)

The Sandbox General
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This is the thread for insurance claims that are (probably) reported before they are reported.

Somebody set up the reserves!

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Pretty much sums up what takes place when a named storm is swirling 100 some odd miles off shore.

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Reported But Not (Yet) Incurred would be more interesting.

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https://www.reddit.com/r/thatlookedexpensive/

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subscribed

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I thought this thread would be for GoA posts you want to report but haven’t yet.

:frowning:

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I want to talk to this person directly and personally about their post.

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When Katrina hit New Orleans, I was supporting an excess property business unit that had, among other things, a share of the State of Louisiana property program.

I remember hearing the early televised estimates of damages to the Superdome, noticing with interest that they far exceeded the stated value in the application / pricing worksheet.

The company had an earnings call shortly after Katrina, so management demanded an early estimate of losses. The claims department was at a bit of a loss, because adjusters couldn’t really get in. So, they made a SWAG based on the list of insured locations in the affected area.

Because I’m a masochist, a map geek, and a weather geek, and because my wife was having some health issues (a recurring theme since her car accident)…just before Labor Day, the feds published online a large set of detailed aerial photos of the impacted area. So, I spent Labor Day weekend on my couch, with my wife sleeping next to me, finding the business unit’s risks on the photos, and making my own SWAG damage estimate.

My number was twice that of the claims department…and was maybe only 5% off what the losses ended up being.

Perhaps if being an actuary doesn’t work out, I might find a new career as a property claims adjuster.

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Been more than 15 years since I took exams but IIRC this may have been known as “Reported but not yet Recorded”

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Stuff we all get?

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In this context: Scientific Wild-*ss Guess

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I was reading a friend’s SOA study materials one day. I don’t know if it was just the materials or the actual reading, but they had EWAG as one valid estimation method in the materials: “Educated wild-ass guess”.

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https://www.nytimes.com/2023/12/11/nyregion/bronx-building-collapse.html

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We probably could have put that Japanese plane fire here.

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We need 3 additional boxes, colonel.

Lost but not found
Found but not lost
Not lost and not found

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