Uncertainty Mnemonics Flashcards
Reserving uncertainty
BALANCED FLACCID DAFT CRUMB
Behaviour of third parties
Amounts of claims
Latent claims
Assumption on distribution
New classes
Catastrophes
Economic conditions
Development patterns
Frequency of claims
Legislation
Area (globalisation)
Climate change
Claim handling procedures
Inflation
Demand surge
Distribution channels
Arrangements for profit shares
Format of data
Third-party handlers
Competitive pressure
Reserving philosophy
Unusual / large risks
Mix of business
Bodily injury claims
Expenses uncertainty
A TAD NOBLE
Aggregators
Tax
Accounting changes
Distribution channels
New markets
Off-shoring
Broker power
Levies
Economic conditions
Capital modelling uncertainty
MIS PI PIP
Model
Incorrect dependencies
Simulation
Programming
Incomplete data
Poor data
Inconsistent data
Parameter
Investment uncertainty
AGE ROT
Actions by central bank
Globalistion
Economic cycle
Return
Overseas influences
Type of investment
Categories of uncertainty
MR DRAMPP
Model error
Random error
Data errors
Adjustment factors
Market conditions
Portfolio movements
Parameter error
ROC uncertainty
CGI MICE
Competition
Globalisation
Insurance cycle
Margins on premiums
Investment returns
Claims
Expenses
