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Book cover (partial) "Claims reserving is central to the insurance industry. Insurance liabilities depend on a number of different risk factors which need to be predicted accurately. This prediction of risk factors and outstanding loss amounts is the core for pricing insurance products, determining the profitability of an insurance company and for considering the financial strength (solvency) of the company. Following several high-profile company insolvencies, regulatory requirements have moved towards a risk-adjusted basis which has led to the Solvency II developments. The key focus in the new regime is that financial companies need to analyse adverse developments in their portfolios. Reserving actuaries now have to not only estimate reserves for the outstanding loss liabilities but also to quantify possible shortfalls in these reserves that may lead to potential losses. Such an analysis requires stochastic modelling of loss liability cash flows and it can only be done within a stochastic framework. Therefore stochastic loss liability modelling and quantifying prediction uncertainties has become standard under the new legal framework for the financial industry."

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