The Basic Ratemaking virtual workshop offers a complete understanding of the basic concepts and practices needed for ratemaking. These concepts include:
- How to calculate a rate indication and the core concepts involved including data aggregation, loss development, trending, and credibility
- Risk classification and its associated principles
- How to calculate rate relativities and increased limit factors and use them in a rate plan.
Attendees will complete the course with a working knowledge of basic ratemaking, having applied it in a realistic setting. More specifically, participants will finish the course having learned the following:
- What a rate indication is used for and the basic steps needed to carry out a rate indication analysis
- How to aggregate data and the reasons for aggregating it in different ways
- How to trend premium and losses and why it is done in a rate indication
- How to develop losses
- Why credibility is important and how to use it in a rate indication
- How to account for loss adjustment expenses and catastrophe losses in a rate indication
- The importance of risk classification in insurance ratemaking
- Principles of risk classification and how to select characteristics for a rate plan
- How to calculate rate relativities and add them to a rate plan
- How to calculate increased limits factors
July 28, 2022 Discount Code: CASintern22
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