Accident-year Statistics
Definition of "Accident-year statistics"
Record of losses and premiums received for accident coverage within a 12-month period. These statistics show the percentage of each premium received that is being paid out in claims and enables the establishment of a basic premium reflecting the pure cost of protection. The trend line generated by the record of losses is an important statistical tool for predicting future losses.
Popular Insurance Terms
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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